Firmus Reserves Half of A$5.5B IPO for Nvidia, Blackstone
TL;DR
- Firmus Grid will allocate about half of its Australian IPO shares to existing shareholders, letting Nvidia and Blackstone top up their stakes.
- The data-centre operator priced shares at A$11, implying a valuation of about A$43.7 billion, and is seeking up to A$5.5 billion with greenshoe.
- Investor indications ran well above the offer size, pulling the bookbuild close forward to Thursday from Friday.
About half of Firmus Grid's Australian IPO is set to go to existing shareholders, putting Nvidia and Blackstone in position to lift their stakes, Bloomberg reported. The data-centre operator is trying to raise as much as A$5.5 billion including the greenshoe, which would make it one of Australia's largest-ever listings.
Demand did the talking. The company "received indications from investors well in excess of the offer size," per Bloomberg's reporting, and shares were priced at A$11, implying a valuation of about A$43.7 billion, or roughly $30.3 billion. The bookbuild deadline was pulled forward to Thursday from Friday.
Nvidia already owns about 7.2% of Firmus; Coatue sits at around 8.4% and Blackstone at roughly 6.7%. Letting half the float flow back to the existing book means those positions can be topped up at listing price rather than diluted.
Proceeds are earmarked for GPUs at Firmus's first data centre, in Batam, Indonesia, part of a previously announced plan to deploy 170,000 Nvidia GPUs at the campus.
The retrieved reporting doesn't say how the remaining shares split between new institutions and retail, or how much primary cash Firmus itself nets once existing holders take their half.
Originally reported by bloomberg.com
Read the original article →Original headline: Firmus Said to Allocate ~50% of Australia IPO to Existing Holders Nvidia and Blackstone