Firmus plans to allocate about half of IPO to existing investors
The Australian data centre operator has set an A$11 share price and is due to begin trading on the ASX on 23 October.
Firmus intends to reserve roughly half of its planned initial public offering for selected investors already holding stakes, two people familiar with the matter said. The Australian company's offering could reach US$5.5 billion, including an over-allotment option.
The people did not name the strategic and financial investors expected to receive shares. One said expressions of interest were greater than the number of shares being offered. Both spoke anonymously because the matter was private.
A term sheet puts the company's valuation at about US$30.6 billion, based on a fixed price of A$11 per share. It schedules the prospectus for 12 October, with trading on the Australian Securities Exchange due to begin on 23 October.
Firmus declined to provide further details. The banks leading the offering are Bank of America, JPMorgan, Morgan Stanley and Morgans.
The company has previously named Nvidia, Coatue, Blackstone and Jane Street among its investors. Firmus said Nvidia and Coatue invested again in its US$2 billion strategic equity round in August, alongside participation from Blackstone and Jane Street. That round valued it at around US$10.5 billion post-money.
Based in Sydney, Firmus provides AI infrastructure and cloud services, designing and operating modular AI factories with its proprietary cooling and energy technology. Its current operations include a data centre in Melbourne and another in Singapore.