Firmus Plans $5.5 Billion IPO at $30.6 Billion Valuation

Firmus is seeking up to $5.5 billion in an initial public offering that would value the Australian AI infrastructure company at about $30.6 billion, making it the country’s second-largest IPO.

Investor demand has exceeded the shares available. About half of the offering, including an over-allotment option, is planned for selected existing strategic and financial investors.

Firmus has disclosed Nvidia, Coatue, Blackstone and Jane Street as investors. It develops and operates modular AI factories, runs data centers in Melbourne and Singapore, and is expanding across the Asia-Pacific region.

The proposed valuation is nearly triple the roughly $10.5 billion valuation Firmus reached in an August strategic equity raise of $2 billion.

Institutional subscriptions are expected to close Oct. 8, one day earlier than planned. Firmus is expected to lodge its prospectus Oct. 12, with trading on the Australian Securities Exchange scheduled to begin Oct. 23.