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. Firm

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.