Australia's Firmus to allocate half of up to $5.5 billion IPO to existing investors, sources say

• Firmus' valuation has nearly tripled to approximately $31.5 billion since its August funding round, when the company was valued at around $10.5 billion post-money
• Indications of interest have exceeded the offering size, with banks planning to close the institutional bookbuild a day early on Thursday
• The AI-infrastructure and cloud-services company currently operates data centres in Melbourne and Singapore, using proprietary energy and cooling technology for modular AI factories

Summary: Firmus $5.5B Australian IPO

Key Transaction Details:

Australian data centre operator Firmus is pursuing an initial public offering valued at up to $5.5 billion (including over-allotment), which would rank as Australia's second-largest IPO on record behind Telstra's $10 billion offering. Approximately half of the IPO will be allocated to selected existing strategic and financial investors.

Company Profile:

Sydney-based Firmus operates as an AI-infrastructure and cloud-services company, designing modular AI factories using proprietary energy and cooling technology. The company currently operates data centres in Melbourne and Singapore.

Valuation & Investor Interest:

Firmus' valuation has nearly tripled since its August funding round, rising from approximately $10.5 billion post-money. The offering has generated strong demand, with indications of interest exceeding available shares. Notable existing investors include Nvidia, Coatue, Blackstone, and Jane Street, who participated in the August round.

Timeline & Process:

• Institutional bookbuild expected to close Thursday (one day earlier than initially scheduled)
• Prospectus lodging scheduled for October 12
• IPO pricing already fixed

Key Banking Partners:

Bank of America, JPMorgan, Morgan Stanley, and Morgans are serving as lead underwriters.

Market Implications:

The substantial IPO size and accelerated bookbuild timeline signal robust investor appetite for AI-infrastructure assets. The significant valuation increase and strong institutional demand reflect growing market confidence in data centre operators supporting AI computing needs, particularly given strategic backing from industry leader Nvidia.