Firmus Grid plans to allocate about half of its IPO shares to existing shareholders, including Nvidia (NVDA) and Blackstone (BX), Bloomberg reported Monday, citing people familiar with the matter.

According to the report, Firmus aims to raise up to $5.5 billion, including a greenshoe option, in one of Australia's largest IPOs. The company priced the deal at 11 Australian dollars a share, implying a valuation of about AU$43.7 billion, while demand exceeded the offer size.

Firmus plans to use the proceeds to buy graphics processing units for its first data center in Batam, Indonesia, being developed with DayOne under an eight-year partnership with Nvidia, Bloomberg added.

The people told Bloomberg that details remain subject to change.

Nvidia and Blackstone did not immediately respond to MT Newswires' request for comment.

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