Firmus to Launch $5bn ASX Float on 6 October
It's reported that Firmus will launch its highly anticipated $5 billion Australian Securities Exchange (ASX) float on 6 October. According to a term sheet revealed by Reuters, the bookbuild for institutional investors begins on the same day, with trading set to commence on 22 October.
The schedule includes:
- Bookbuilding: 6-7 October
- Prospectus filing: 8 October
- Retail bidding: 12-19 October (following a potential overallotment option)
This float aims to raise A$7 billion, equivalent to approximately US$5 billion, rising to around US$5.5 billion with the exercise of the overallotment option.
Bloomberg also reported the same target on the same day, confirming Firmus' earlier ambition of a US$10.5 billion valuation in August. The term sheet resolves an ongoing dispute regarding founder escrow, initially reported by Capital Brief in April.
The company has secured notable investors including Morgan Stanley, Bank of America, JPMorgan, and Morgans Financial as joint lead managers.
Firmus' primary focus is on contracted data centre capacity, with over 900MW under contract across seven sites, including two operational facilities. The recent addition of OpenAI as an anchor tenant for dedicated capacity at two Malaysian campuses further strengthens their position.
Nvidia plays a multifaceted role in the company, acting as both a strategic investor, chip supplier, and revenue-share partner. This arrangement is worth observing given Nvidia's recent pause in certain parts of this program. Blackstone, Coatue, and Jane Street are also notable investors in Firmus.
The upcoming prospectus will mark the first time Firmus discloses its revenue figures.