Firmus targets $43.7B valuation in market float
- Neocloud provider Firmus is seeking a $43.7 billion valuation for its upcoming initial public offering by setting its share price at $11 per share.
- The company aims to raise US$5 in equity capital, with bankers indicating the deal is already fully covered and could be expanded by another US$500 million.
- Capital raised from the debut will combine with debt to fund expanding data centre facilities across Australia and Asia to service major global technology clients.
Neocloud provider Firmus is targeting a $43.7 billion valuation through an initial public offering priced at $11 per share.
The company stated that the proposed listing would represent the largest debut on the Australian share market since Telstra in the 1990s.
Initial institutional bids have already filled the US$5 billion equity raising at the $11 price point ahead of formal bidding on Tuesday.
An investor presentation showed the business expects a first-half operating revenue of US$229.7 million alongside a forecast net loss after tax of US$77 million.
Firmus stated that its long-term operations are targeting earnings before interest and tax of US$5.8 billion within the next two years.
Co-founded by Oliver Curtis and Tim Rosenfield in 2019, the company partnered with chip manufacturer Nvidia in 2021 before opening its first Singapore data facility in 2023.
The business now operates facilities in Singapore and Melbourne while developing a pipeline of data processing sites across Australia, Indonesia, and Malaysia.
