Firmus aims for US$5B ASX listing

• Firmus is seeking to raise at least US$5 billion in a public listing.
• The deal is expected to be one of the largest market debuts in Australia's history.
• The company plans to use the capital to support expanding artificial intelligence infrastructure demand.

Firmus has launched an initial public offering to raise at least US$5 billion ahead of a planned Australian Securities Exchange debut on Oct. 26.

The listing would represent one of the largest public offerings in Australian history, providing a boost to a primary market that has recorded just over US$1 billion in proceeds this year.

According to the terms of the deal, bookbuilding will run from Oct. 6-7, followed by a retail offering between Oct. 12 and 19, with an overallotment option of up to 10%.

The company stated that the capital expansion will support its long-term growth strategy amid rising global demand for artificial intelligence infrastructure.

The offering follows a US$2 billion commitment secured in August from investors including Jane Street, Blackstone, and Nvidia (NASDAQ:NVDA).

Earlier in April, the business also completed a US$505 million funding round led by Coatue Management to support its data centre operations.