Australian data center operator Firmus Grid Ltd. plans to allocate about half of its initial public offering shares to existing shareholders, including Nvidia and Blackstone. [1, 2, 3]
Investor demand far exceeded the offer size, prompting the decision. [3] Firmus moved its bookbuilding deadline forward in response to the strong interest. [2, 3]
The company is seeking to raise up to A$5.5 billion ($3.8 billion). [1, 2] The offer is priced at A$11 per share. [1, 2] That price implies a valuation of about A$43.7 billion ($30.3 billion). [1, 2]
The listing is set to be one of the largest IPOs in Australia's history, following a slow year for IPOs in the Australian market. [3, 7, 8]