Firmus to IPO in Australia on October 23, targeting $5 billion

Firmus Grid Ltd. has priced its initial public offering at AUD 11 per share, planning to list on the Australian Securities Exchange on October 23, raising at least $5 billion. This will be one of the largest IPOs in Australian history. The pricing gives Firmus a valuation of approximately AUD 43.7 billion (USD 30.3 billion), lower than the previously expected AUD 50 billion. Firmus was founded in 2019 in Tasmania, initially starting with a Bitcoin mining business, and is currently building multiple data center projects in Australia and Singapore. In August of this year, the company secured a $2 billion investment commitment from investors including Jane Street, Blackstone Group, and Nvidia, and raised $505 million in an earlier funding round led by Coatue Management LLC in April.

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