Firmus Technologies Pty is seeking to raise up to $5 billion in an Australian
IPO, with sources saying it is targeting a late-October listing. Discussions
remain ongoing and deal size and timing could change. At that scale the offering
would be among Australia’s largest IPOs, comparable to Medibank’s 2014 raise of
just under $5 billion, and would boost a primary market that has raised only
just over $1 billion year-to-date versus more than $2 billion annually in each
of the prior two years. Firmus has signed pre-IPO contracts with several major
US tech firms, including OpenAI, to supply compute from two Malaysian
data-center sites.
