Firms' Second-Largest IPO in Australia

Vermes, an Australian data center company, has launched its initial public offering (IPO) with the aim of raising approximately 7 billion Australian dollars (about 5 billion US dollars), making it the second-largest IPO in Australia's history. The book-building process is scheduled to begin on October 6, with the prospectus to be released on October 8, and trading of shares is set to start on the Australian Stock Exchange on October 22. The offering could reach up to 5.5 billion dollars if the additional allotment option, known as the "Green Shoe," is activated, allowing for the sale of additional shares worth up to 500 million dollars. Founded in 2019, Vermes currently owns data centers in Australia and Singapore, with plans to develop five more facilities in the Asia-Pacific region. This offering is the largest since Telstra's 10-billion-dollar IPO in 1997. It focuses on meeting the rising demand for AI infrastructure, despite sector challenges such as high electricity consumption and local criticism.

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