---
title: "Firmus Prices Shares at A$11 in an I.P.O. Valuing the Company at A$43.7 Billion"
description: "The data center operator’s books open to institutional bids on Tuesday, days after it expanded a computing deal with Meta"
author: "rews desk"
published: 2026-10-02T07:28:47Z
modified: 2026-10-02T17:19:48Z
url: https://rews.cc/a/firmus-prices-shares-at-a-11-in-an-i-p-o-valuing-the-company-12ce2c
language: en
tags: ["ipo", "private-credit", "data-centers", "economy", "housing", "business"]
publisher: "Rews (https://rews.cc)"
---

# Firmus Prices Shares at A$11 in an I.P.O. Valuing the Company at A$43.7 Billion

*The data center operator’s books open to institutional bids on Tuesday, days after it expanded a computing deal with Meta*

By rews desk · October 2, 2026 · https://rews.cc/a/firmus-prices-shares-at-a-11-in-an-i-p-o-valuing-the-company-12ce2c

## In brief

- Firmus set an indicative A$11 share price, a A$43.7 billion valuation; formal bidding opens on Tuesday
- The float would be Australia’s biggest listing since Telstra’s 1997 debut, raising about A$7.2 billion
- Bankers told investors indicative bids already fill the raising, with a possible $500 million upsize, Bloomberg reported
- Metrics Credit Partners cut fund valuations, gated some funds and disputed asset values with its auditors
- Thomson said about half of Australian private credit lends to the property sector

Firmus put an indicative price of A$11 a share on its Australian stock market listing on Thursday night, valuing the data center operator at A$43.7 billion, with formal bids from investors to follow when the deal’s books open on Tuesday.

The term sheet sent to potential investors puts the company on course for Australia’s biggest sharemarket listing since Telstra’s A$10 billion float in 1997. Firmus is aiming to raise about A$7.2 billion, [according to news.com.au](https://www.news.com.au/finance/markets/firmus-ipo-aussie-ai-firm-targets-437-billion-valuation-in-biggest-listing-since-telstra/news-story/e5d9aec29401938a77e0b9d4f2f08849). The valuation equals roughly US$30.3 billion, Bloomberg reported.

Demand may already exist. The company’s bankers told investors they had received enough indicative bids to fill the raising at A$11 a share and that the deal could grow by an additional $500 million, [Bloomberg reported](https://www.bloomberg.com/news/articles/2026-10-01/firmus-eyes-30-billion-valuation-in-australian-ipo-afr-reports).

The pricing followed a second piece of news in the same week: an expansion of Firmus’s computing deal with Mark Zuckerberg’s Meta Platforms. On the Australian Financial Review’s Chanticleer podcast, the columnist Anthony Macdonald tried to give the numbers some scale. The valuation would be five times that of NextDC, which has been listed for 16 years and ranks among Australia’s three largest data center developers, and 50 percent more than Coles, the supermarket chain with 150-odd stores and A$46 billion in revenue.

“Take those indications with a grain of salt,” Mr. Macdonald said. “They’re not actual bids. The books open on Tuesday.”

The same episode spent time on the Reserve Bank of Australia’s latest rate increase, which the hosts described as “even scarier than it looks.”

The week’s other reckoning came in private credit. Metrics Credit Partners, which Mr. Macdonald called the sector’s most prominent Australian firm, cut valuations across a group of its funds as of June 30, restricted withdrawals from some of them and fell into a dispute with its auditors over what its assets are worth. Several of its funds listed on the Australian sharemarket are suspended from trading, and S&P Global Ratings has placed some on negative credit watch.

The trouble follows the collapse of Bathla, [a home builder backed by private credit](https://rews.cc/a/alceon-cashed-out-of-bathla-just-in-time-now-it-is-eyeing-th-ae65cd). Asked whether Australia has a private credit problem, the columnist James Thomson answered: “Oh, definitely. Yep, unquestionably.” And a worse kind than America’s, he said. United States private credit mostly lends “to real businesses doing real things,” Mr. Thomson said. In Australia, “about half of what they do is lend to the property sector.”

Formal institutional bidding on the Firmus float opens Tuesday. The A$43.7 billion figure holds or falls from there.