Data center operator Firmus plans to reserve about half the shares in its Australian IPO for existing investors, potentially allowing Nvidia and Blackstone to increase their holdings, people familiar with the matter said.

Demand for the share sale exceeded the offer size, the people said. Firmus priced the shares at A$11 (US$7.6) each, implying a valuation of about A$43.7 billion (US$30.3 billion).

The initial public offering could raise up to US$5.5 billion, including a greenshoe option. The bookbuilding process was moved up to October 8 from October 9, the people said. Deal details may still change.

Firmus secured US$2 billion in commitments from investors including Nvidia and Blackstone.

The initial public offering proceeds would fund graphics processing units for Firmus’ first data center project in Batam, Indonesia. The project is being developed with DayOne Data Centers as part of an eight-year partnership with Nvidia.

The planned Batam development has separately been described as a 170,000 graphics processing unit cluster and an AI factory campus.

🔗 Source: Bloomberg

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