Nvidia-Backed Firmus Grid Prepares for A$7 Billion ASX Debut

Nvidia-backed data center operator Firmus Grid has begun premarketing for its A$7 billion initial public offering (IPO) on the Australian Securities Exchange (ASX), according to a report by IFR. The company, founded in 2019 by Oliver Curtis, Tim Rosenfield, and Jonathan Levee, could raise up to $5.5 billion, with an over-allotment option to raise an extra $500 million.

The institutional bookbuild is set to start on October 6 and close on October 7, with a prospectus expected to be lodged on October 8. Retail investors will then have the opportunity to bid for stock from October 12 to 19. The IPO is seen as significant, given Firmus Grid's strong backing by Nvidia.