Firmus Grid is reportedly planning to allocate about half of its IPO shares to existing shareholders, while investor indications are said to exceed the offer size. Those are claims from unnamed sources cited by Bloomberg and republished by The Business Times on Oct. 5, 2026—not a final allocation schedule or a confirmed oversubscription result. For prospective investors, the key point is that strong reported demand does not establish how many shares, if any, will be available to them.
What the latest report says about the Firmus IPO
The reported figures describe a proposed deal whose details could still change. The Business Times said the information came from people familiar with the matter who requested anonymity; Firmus declined to comment. The report did not provide a final public allocation schedule or completed subscription tally.
| Reported detail | What it means—and what is not confirmed |
|---|---|
| About 50% of the IPO shares planned for existing shareholders | A reported allocation plan, not a published final split between existing holders, institutions and the public. Source: The Business Times, Oct. 5, 2026. |
| Investor indications reportedly “well in excess of the offer size” | This indicates reported demand, not a verified oversubscription multiple, final bookbuild result or guarantee that retail applicants will receive shares. Source: The Business Times, Oct. 5, 2026. |
| A$11 per share; implied valuation of A$43.7 billion (US$30.3 billion) | Figures reported for the IPO, not a substitute for the final offer document. Source: The Business Times, Oct. 5, 2026. |
| Up to US$5.5 billion, including a greenshoe option | A reported maximum potential raise that includes the option—not a confirmed amount raised. Source: The Business Times, Oct. 5, 2026. |
The report says Nvidia and Blackstone are among existing investors who could be positioned to increase their stakes under the reported plan. It does not establish that either will buy additional shares or how many shares any holder would receive.
Does reported demand mean the IPO is oversubscribed?
Not conclusively. “Well in excess of the offer size” is a description of investor indications attributed to unnamed sources. It is not a published final tally, and the report does not state an oversubscription ratio. Until the bookbuild and allocation are confirmed, readers cannot infer the final demand level, the size of a retail pool or an individual applicant’s chances.
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In a typical IPO bookbuild, bids help determine pricing and share allocation; an oversubscribed offer may require shares to be distributed among applicants. The ASX/Baker McKenzie IPO guide explains these general mechanics, but it does not describe Firmus’s final process. High reported demand alone therefore should not be treated as evidence that a particular investor will receive an allocation.
How much could be available to new investors?
The reported plan would reserve about half of the shares for existing shareholders, but the remaining share pool cannot be equated with a retail offer. It could include institutional allocations, and the reporting does not specify the final investor classes, public-offer size, eligibility, minimum application, allocation discretion or scale-back rules. Those terms need to come from Firmus’s final offer documents.
Firmus’s existing shareholder base includes investors such as Nvidia, Blackstone and Jane Street. The company said on Aug. 7 that it had full commitments for a US$2 billion strategic equity investment involving Coatue and Nvidia follow-on participation, Blackstone-managed funds and Jane Street; Firmus put the post-money valuation after that investment above US$10.5 billion. That was a private-round valuation, distinct from the later media-reported IPO valuation. See Firmus’s investment announcement.
Why the offering is drawing attention
The Business Times described the potential listing as one of Australia’s largest ever, comparing it with Medibank’s 2014 offering, which raised just under US$5 billion according to Bloomberg data cited in the report. That comparison is an indication of scale, not a definitive ranking of Australian IPOs.
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The same report said proceeds would help fund GPU purchases for Firmus’s first data-centre project in Batam, Indonesia, developed with DayOne Data Centers, under an eight-year Nvidia partnership. Separately, Firmus announced a US$2 billion strategic equity investment in August. These financing details provide context for the company and proposed use of proceeds, but do not confirm the IPO’s final size or allocation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What prospective applicants should verify
- Find the official offer document. Check Firmus and ASX announcements, and use the ASIC offer notice board to locate disclosure-document information and access the full offer document when listed. ASIC says it does not endorse offers.
- Read the final terms rather than relying on the reported plan. Confirm the offer size, share count by investor class, any greenshoe, application eligibility, minimum parcel, closing time and allocation or scale-back rules.
- Check whether the offer is open to you. The available reporting does not establish retail access, platform participation or the rules for applicants in any particular jurisdiction.
- Separate indications from outcomes. Wait for the confirmed bookbuild and allocation disclosures; reported demand does not determine an individual allocation.
Earlier coverage is only a dated snapshot. On Sept. 16, ABC News reported that Firmus was courting investors and had not yet lodged its prospectus at that time; that report does not establish what happened after that date. The latest reported terms are from Oct. 5, when The Business Times said deal deliberations were ongoing and details could change.
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