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Firmus Grid, the AI data-centre operator planning an ASX listing, intends to allocate about half of the shares in its IPO to existing shareholders. Investor indications are also reportedly well above the size of the offer. Both claims come from anonymous sources cited by Bloomberg, in a report The Business Times republished on Oct. 5, 2026. The report says Firmus declined to comment and that “deliberations are ongoing and details of the deal may change.”
So this is a reported plan and reported demand. It isn’t a final allocation schedule or a completed subscription result. This article sets out what the report says, what it leaves out, and what to check in the prospectus before relying on any of it.
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What was reported on Oct. 5
According to The Business Times’ republication of Bloomberg’s report, people familiar with the matter said:
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minute- Firmus plans to allocate about half of the IPO shares to existing shareholders.
- Investor indications of interest are “well in excess of the offer size.”
- The IPO is priced at A$11 a share, which implies a valuation of about A$43.7 billion (US$30.3 billion).
- The company is seeking as much as US$5.5 billion, including a greenshoe option.
The sources asked not to be named, so none of this has been confirmed on the record by Firmus.
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The reported figures and how far to trust each one
| Figure | Reported value | Qualification |
|---|---|---|
| Share of IPO for existing holders | About 50% | A plan, per unnamed sources. Bloomberg via The Business Times, Oct. 5, 2026. |
| Investor demand | “Well in excess of the offer size” | Indications of interest only. No subscription multiple has been published. |
| Price per share | A$11 | Media-reported. The same article says details may change. |
| Implied valuation | A$43.7 billion (US$30.3 billion) | Derived from the reported price. Not a figure from an offer document. |
| Possible raise | Up to US$5.5 billion | A maximum that includes a greenshoe option. It is not an amount raised. |
Note the currencies. The price and valuation are quoted in Australian dollars, with US dollar equivalents. The raise is quoted only in US dollars.
What an allocation of about half to existing holders means
The report says the plan would put Nvidia and Blackstone in a position to increase their stakes. It also names Jane Street as an existing shareholder. It does not say any of them has committed to buy, so treat their participation as possible rather than certain.
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In general terms, an allocation like this lets current backers add shares without competing in the open book. It also means the pool open to new money is smaller than the headline offer. The report doesn’t say whether “about half” applies to the base deal or to the deal including the greenshoe. If it applied to a full US$5.5 billion, the existing-holder share would be roughly US$2.75 billion. That is arithmetic on a possible maximum, not a reported number.
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Indications of interest are non-binding signals gathered during the bookbuild. They are not completed orders. The report gives no oversubscription ratio, and no issuer-published figure has appeared.
The ASX/Baker McKenzie IPO guide describes how this normally works. Price is “typically set having regard to the earnings or cashflow multiples at which shares of listed companies in the same industry are trading, expected demand for the company’s shares and the need to ensure an orderly aftermarket in those shares once the company is listed.” Bookbuilding collects bids and sets a price that clears the book, with retail demand and aftermarket conditions in mind. When an offer closes oversubscribed, shares are allocated among applicants. That is general ASX guidance, not a description of Firmus’s process.
Putting that guidance together with the reported plan, new investors should be cautious. If about half the shares are set aside for existing holders and demand really exceeds supply, applicants outside that group could face scale-backs. The sources collected here don’t confirm any Firmus-specific retail pool, minimum parcel, eligibility rule or scale-back method.
How big would this be?
The report calls the listing one of Australia’s largest ever. It compares the deal with Medibank’s 2014 offering, which raised just under US$5 billion according to Bloomberg-compiled data. A raise of up to US$5.5 billion would sit above that figure. Because the Firmus number is a ceiling that includes the greenshoe, and the final size hasn’t been confirmed, “one of the largest” is the claim the evidence supports. A definitive ranking is not.
How the story developed
| Date (2026) | Report | What it can and can’t tell you |
|---|---|---|
| Aug. 7 | Firmus announced a fully committed US$2 billion strategic equity investment, with a post-money valuation above US$10.5 billion. | Private-round valuation. Don’t compare it directly with the IPO valuation reported later. |
| Sep. 16 | ABC News reported Firmus courting investors for an anticipated ASX float, with no prospectus lodged yet. | A snapshot as of that date. Firmus declined to comment on raise size, and ABC cautioned that circulating figures were conjecture. |
| Sep. 20 | A Bloomberg report described a plan to raise at least US$5 billion, a possible overallotment of up to 10% of the base offering, and an Oct. 26 ASX debut target. | Earlier terms. The timetable shouldn’t be treated as confirmed. |
| Oct. 5 | The Business Times republished Bloomberg: about half to existing holders, strong demand, A$11 price, up to US$5.5 billion. | The latest located report. It says details may change. |
Who the existing shareholders are
Besides Nvidia, Blackstone and Jane Street, Coatue Management leads the investor list. The Business Times says Firmus raised US$505 million in a Coatue-led round in April. Firmus’s August announcement named Coatue and Nvidia (follow-on participation), Blackstone-managed funds and Jane Street among the participants in the US$2 billion investment.
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What the money is for
The report says proceeds would fund GPU purchases for Firmus’s first data-centre project in Batam, Indonesia. The project is being developed with DayOne Data Centers under an eight-year Nvidia partnership. This tells you about the deal’s purpose. It says nothing about how shares will be allocated.
How to check the confirmed terms
No Firmus offer document was available among the sources gathered, so final offer size, share counts by investor class, allocation rules, bookbuild outcome and listing dates remain unverified. When a prospectus is lodged, check these items in it:
- Offer size and greenshoe. Check the base offer, whether an option exists, and how large it is.
- Allocation pools. Look for the existing-holder allocation, institutional bookbuild and any retail or broker-firm offer.
- Eligibility and minimum application. Check whether your jurisdiction and account type are covered.
- Allocation discretion and scale-back policy. Look at how shares are divided if the offer is oversubscribed.
- Price and valuation basis. Check whether A$11 is fixed, a range or an institutional price.
- Closing and listing dates. The earlier Oct. 26 target is not confirmed.
The ASIC offer notice board is the regulator’s route for finding disclosure documents for public securities offers and getting the full offer document. ASIC says it does not endorse offers, so lodgement is not a recommendation. Media reports like this one are not application instructions.
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