Australian data centre operator Firmus will launch a A$7 billion ($5 billion) initial public offering on October 6, according to a term sheet reviewed by Reuters.
The IPO is expected to become the second-largest in Australia’s history, behind Telstra’s $10 billion listing in 1997.
The institutional bookbuild will open on October 6 and close on October 7, while Firmus is expected to lodge its prospectus on October 8.
Retail investors will be able to bid for shares from October 12 to 19, with trading on the Australian Securities Exchange scheduled to begin on October 22.
Firmus could raise up to $5.5 billion if an additional A$500 million is secured through an over-allotment, or greenshoe, option.
Founded in 2019 by Oliver Curtis, Tim Rosenfield and Jonathan Levee, Firmus operates two data centres in Australia and Singapore, with five more under development across the Asia-Pacific region.
The listing will test investor demand for data centre companies as global demand grows for computing infrastructure needed to power artificial intelligence systems.
See also: Katsina Partners With MTN to Boost Digital Connectivity
However, the sector is facing concerns over the rapid pace of investment, as well as opposition to data centre projects because of their high electricity and water consumption.
Firmus is already facing local opposition to some of its planned Australian projects.
According to report, Firmus declined to comment on the planned IPO.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
