Australian data-centre operator Firmus plans to allocate about half its initial public offering to existing investors, according to Bloomberg and Reuters reporting. The proposed allocation would give current shareholders a large role in the offering. Bloomberg also reported an earlier end to bookbuilding. The allocation remains under discussion, so neither the final shareholder split nor completion of the offering has been established.
Firmus Grid plans to allocate approximately half of its initial public offering to existing investors, according to Bloomberg and Reuters reports. The Australian data-centre operator’s proposed allocation has not been announced as final. Bloomberg’s sources said such a distribution could allow existing shareholders Nvidia and Blackstone to increase their stakes. The plan remains under discussion and the transaction’s details may change.[1], [2]
People familiar with the process told Bloomberg that investor indications substantially exceeded the offering’s size. They said the end of bookbuilding had moved from Friday to Thursday, 8 October. The reported fundraising target is up to 5.5 billion US dollars, including an additional-sale option. Firmus declined to comment. Investor indications and a revised timetable describe preparations for the offering, rather than proceeds already received.[1]
Bloomberg reported that the new proceeds are intended to finance graphics-processing-unit purchases for Firmus’s first data-centre project in Batam, Indonesia. The project is being developed with DayOne Data Centers and forms part of an eight-year partnership with Nvidia. Nvidia, Blackstone and Jane Street are among the existing investors. The planned allocation and use of proceeds remain distinct from a completed offering and a final shareholder register.[1]
