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Firmus Grid reportedly plans to allocate about half of its IPO shares to existing shareholders, while investor indications are said to be well above the offer size. Those are reports based on unnamed sources, not a final allocation schedule or confirmed oversubscription result. The latest reported terms put the price at A$11 a share and the implied valuation at A$43.7 billion (US$30.3 billion); the details may still change.
What is reported about Firmus’s IPO allocation and demand?
About half is reportedly planned for existing shareholders
A Business Times report republishing Bloomberg reporting on Oct. 5, 2026 says Firmus Grid plans to allocate about half of the IPO shares to existing shareholders. The report attributes the plan to people familiar with the matter who requested anonymity. It names Nvidia and Blackstone as investors positioned to increase their stakes; that does not mean either is certain to receive or buy additional shares.
Reported indications are not a final oversubscription result
The same report says investor indications are “well in excess of the offer size.” That describes reported interest during the process, not a published final subscription tally. The available report does not establish an oversubscription multiple, how many shares will be reserved for retail applicants, or what any individual applicant might receive.
What are the reported IPO price, valuation and raise?
The Oct. 5 report gives the following figures. They are media-reported terms, not a substitute for the final offer document.
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| Item | Reported figure | What it means |
|---|---|---|
| IPO price | A$11 per share | Price reported for the offering; the report says deal deliberations are ongoing and terms may change. |
| Implied valuation | A$43.7 billion (US$30.3 billion) | Valuation implied by the reported IPO pricing. |
| Potential raise | Up to US$5.5 billion, including a greenshoe option | A reported maximum that includes the option, not a confirmed amount raised. |
| Australian IPO comparison | Medibank raised just under US$5 billion in 2014 | The Business Times report cites Bloomberg data for this comparison and describes Firmus as one of Australia’s largest IPOs, not a definitively ranked largest. |
The IPO scale reflects Firmus’s role in the AI infrastructure buildout: the report says proceeds would fund GPU purchases for the company’s first data-centre project in Batam, Indonesia, developed with DayOne Data Centers under an eight-year Nvidia partnership.
How does the reported allocation relate to Firmus’s existing shareholders?
Firmus has raised private capital ahead of the proposed listing. In April 2026, it raised US$505 million in a Coatue Management-led round, according to the Business Times report. On Aug. 7, Firmus announced full commitments for a separate US$2 billion strategic equity investment involving Coatue and Nvidia follow-on participation, Blackstone-managed funds and Jane Street. The company said that investment put its post-money valuation above US$10.5 billion. That was a prior private-round valuation, not the later reported IPO valuation.
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The reported half-share plan could give existing investors a substantial place in the offering, but the report does not specify the exact share count or allocation rules by investor class. It also does not establish how many shares, if any, will be available to retail investors. An allocation to existing holders should not be read as proof that the balance is a retail pool.
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Why high investor interest does not guarantee an allocation
In a general explanation of Australian IPOs, the ASX/Baker McKenzie IPO guide says pricing can take account of listed-company earnings or cash-flow multiples, expected demand and the goal of orderly aftermarket trading. It describes bookbuilding as collecting investor bids and setting a price with regard to the book, retail demand and aftermarket conditions; oversubscribed offers may require shares to be allocated among applicants. Those are general mechanics, not confirmation of Firmus’s specific process.
Accordingly, reported indications above the offer size cannot show whether an IPO will be oversubscribed at close, how any scale-back will work, or whether a particular category of investor will receive shares. Those answers depend on the finalized offer terms.
How the current report differs from earlier IPO coverage
Coverage has evolved, and earlier estimates should not be treated as current confirmed terms. An ABC News report published Sept. 16, 2026 said Firmus had not yet lodged its prospectus as of that date and noted that then-circulating financial-press figures were speculative. That dated status does not establish whether a prospectus was lodged later. Bloomberg reporting surfaced on Sept. 20 described an earlier proposal to raise at least US$5 billion, a possible overallotment option of up to 10% of the base offer and a target Oct. 26 debut; the Oct. 5 report supplies later reported price, valuation and maximum-raise figures, while still warning that terms may change.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to check before treating the offer as open
For confirmed terms and application information, consult the final offer document and issuer or ASX notices rather than relying on media reports. The ASIC offer notice board provides summaries of public securities offers and access to offer documents. ASIC states that it does not endorse offers.
Quick Recap
Best Value
- Confirm the final offer size and whether it includes a greenshoe or other overallotment option.
- Check the share allocation among existing holders, institutions and any retail offer, including eligibility and scale-back rules.
- Verify application opening and closing dates, minimum parcel requirements and any applicable conditions in the official offer document.
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