Firmus Grid Valued at A$43.7 Billion After Pricing IPO Below Expectations

Firmus Grid Ltd., an Australian data center operator, has priced its initial public offering (IPO) at A$11 a share, valuing the company at A$43.7 billion. This is below earlier expectations of as much as A$50 billion.

The company plans to use the proceeds from the IPO to purchase GPUs (Graphics Processing Units) for its data centers. Firmus is also developing a data center on Indonesia's Batam Island in partnership with DayOne Data Centers, with the support of Nvidia.

Firmus began as a Bitcoin mining business in Tasmania in 2019 and is shifting its focus towards AI data center infrastructure. The company's IPO follows an earlier expansion plan that included capital spending on additional capacity across the Asia-Pacific region. Bookbuilding for the IPO is scheduled for October 6-9.