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Firmus Grid Targets A$43.7 Billion Valuation in Planned ASX IPO

Andre Savage
Published Oct 1, 2026
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Summary:
  • Firmus Grid aims for a A$43.7 billion valuation, roughly $30.3 billion, in an Australian IPO slated for this month.
  • Bankers told investors they had already lined up indicative bids to cover a $5 billion raise at A$11 per share, with room to lift the deal by another $500 million.
  • An offering of that size would rival Medibank Pvt's 2014 float and land in a market where IPO proceeds this year sit a bit above $1 billion; trading is targeted for Oct. 23.

What the deal looks like

Firmus Grid Ltd., a data center operator, is pitching an Australian listing that pegs its value at A$43.7 billion, or about $30.3 billion, per pricing sent to prospective investors and reported by the Australian Financial Review. Bankers told investors they have received indicative orders sufficient to cover a $5 billion capital raise at A$11 a share. The offering could be increased by a further $500 million.

How big this could be

If it comes together at that size, Firmus would be in the same league as Australia's largest IPOs, including Medibank Pvt's 2014 sale that hauled in just under $5 billion, according to Bloomberg data. It would also inject some life into a subdued primary market this year, where IPO proceeds are a little over $1 billion after topping $2 billion in each of the past two years.

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Timeline and what to watch

Firmus is targeting an Oct. 23 debut on the ASX. According to the AFR, institutional orders will kick off on Tuesday and wrap up by Friday. If it lists on schedule and near the indicated terms, expect attention to spill beyond the single stock. For everyday investors, a marquee IPO can shift sentiment and broaden the menu of local large-cap names, even if the ripple effects show up gradually in indexes and sector flows.

No matter the headlines, a simple plan helps grow savings steadily, grab your free Always Be Buying E-Book now

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