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Sydney: Data centre operator Firmus launches ~US$5 billion IPO bookbuild
Firmus starts its institutional bookbuild in Sydney today, targeting about A$7 billion in what would be Australia's second-largest IPO.
Why it matters
Australian data centre operator Firmus begins its institutional bookbuild today (October 6) in Sydney, seeking to raise around A$7 billion (about US$4.9 billion) — a listing that would rank as the second-largest IPO in Australian history, behind only Telstra's A$10 billion float in 1997. The deal is being watched as a major test of investor appetite for the physical infrastructure behind the artificial intelligence boom.
Full report
According to a term sheet reviewed by Reuters on September 21, the institutional bookbuild opens October 6 and closes October 7, with the prospectus expected to be lodged on October 8, retail bidding from October 12 to 19, and trading on the Australian Securities Exchange scheduled to begin October 22. The latest term sheet puts the offer price at A$11 per share, valuing the company at about US$30.6 billion; an over-allotment (greenshoe) option could add up to US$500 million. Indicative orders are already said to exceed the deal size, and Dealogic data would rank it the fourth-largest IPO globally this year.
Firmus was founded in 2019 by Oliver Curtis, Tim Rosenfield and Jonathan Levee and currently runs two data centres — one in Australia and one in Singapore — with five more under development across the Asia-Pacific. Joint lead managers include Morgan Stanley, Bank of America, JPMorgan and Morgans. The company has also faced local opposition to some projects over concerns about data centres' power and water consumption.
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