Fermi is aiming to raise $715 million in its upsized U.S. initial public offering, the data center real estate investment trust said on Monday, as it aims to leverage burgeoning demand for energy infrastructure required to support AI buildouts.
Co-founded by former U.S. Energy Secretary Rick Perry, the company is aiming to sell 32.5 million shares priced between $18 and $22 apiece, compared with its previous target of 25 million shares.
UBS, Evercore, Cantor and Mizuho are the joint lead book-running managers.
Fermi will list on the Nasdaq and the London Stock Exchange under the symbol “FRMI”.
