NVIDIA-backed Firmus Grid prices A$11 IPO, aims for $5 billion
Firmus Grid, an Australian tech company backed by NVIDIA, is making headlines with its upcoming IPO priced at A$11 per share.
It is aiming to raise at least $5 billion, making it one of Australia's biggest public offerings since Medibank in 2014.
The stock officially hits the ASX on October 23, after a short bookbuild period from October 6-9.
Firmus Grid pivots to AI infrastructure
Firmus started out as a bitcoin mining operation in Tasmania back in 2019 but has now pivoted to building AI infrastructure across Asia-Pacific.
Led by co-CEOs Tim Rosenfield and Oliver Curtis, the company is valued at A$43.7 billion (a bit less than first expected).
Big names like Jane Street, Blackstone, and NVIDIA have secured $2 billion in commitments to help Firmus buy more GPUs for its first data center project in Batam, Indonesia being developed with DayOne Data Centers Ltd.