Firmus Prices IPO at A$11 a Share, Valuing Operator at A$43.7 Billion

Firmus Grid Ltd. priced its initial public offering at A$11 a share, implying a valuation of A$43.7 billion and placing the Australian data center operator below earlier expectations of as much as A$50 billion.

The company plans to use the proceeds to purchase GPUs. It is also developing a data center on Indonesia’s Batam Island with DayOne Data Centers, with Nvidia’s support.

Firmus began in 2019 as a Bitcoin mining business in Tasmania and is shifting toward AI data center infrastructure. The offering follows an earlier expansion plan that included capital spending on additional capacity across the Asia-Pacific region.

Bookbuilding is scheduled for Oct. 6-9.