Firmus plans to allocate half of IPO shares to existing holders, Bloomberg reports
Australia's Firmus Grid has revealed plans to allocate approximately half of the shares in its upcoming initial public offering (IPO) to existing shareholders, according to Bloomberg News. This move could provide opportunities for Nvidia (NASDAQ: NVDA) and Blackstone (NYSE: BX) to increase their respective stakes, the report suggests, based on information from sources familiar with the matter.
The Australian data center operator has received indications of investor interest significantly surpassing the offer size, with Firmus aiming to raise up to A$5.5 billion ($3.8 billion), including a greenshoe option. The bookbuilding deadline has been moved up to Thursday from its original Friday date, the report notes.
Firmus has set the IPO price at A$11 per share, which implies a valuation of around A$43.7 billion ($30.3 billion). This listing could potentially rank among Australia's largest IPOs, similar to Medibank's 2014 offering, which raised nearly $5 billion. The firm has secured commitments from investors such as Nvidia and Blackstone as it seeks to expand its data-center capacity to meet the growing demand for artificial intelligence computing.
Proceeds from the IPO will be used to fund the acquisition of graphics processing units (GPUs) for Firmus's first data center in Batam, Indonesia.
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