A$50,000 invested in Firmus in March 2026 through Rivkin Private Wealth, for the WM Super Fund. Firmus lists on the ASX on 22–23 October 2026 at A$11 a share.
A$50,000 at A$145 a share buys about 344.8 shares. Firmus split each share into 50 before listing, which gives about 17,240 listed shares. At the A$11 IPO price that is about A$189,700. If Rivkin bought 344 whole shares, it is 17,200 shares and A$189,200.
The shares are held as units in the Firmus Nominee Trust, set up by Rivkin, rather than directly on the Firmus share register. No contract note or unit statement confirms the exact count or any fees yet.
Values are for about 17,240 shares, before fees and tax.
| When | New money into Firmus | Company value after | Price before split | Price after split |
|---|---|---|---|---|
| Sep 2025 | A$330M | A$1.85B | — | — |
| Nov 2025 | ~A$500M | ~A$6B | — | — |
| Mar 2026 · your purchase | None. Existing shares bought from a holder | ~A$6–6.5B | A$145 | A$2.90 |
| Apr 2026 · Coatue, Nvidia | US$505M | US$5.5B (~A$8B) | — | — |
| Aug 2026 · Nvidia, Coatue, Blackstone, Jane Street | US$2B (~A$2.9B) | US$10.5B+ (~A$15.5B) | A$230 | A$4.60 |
| Oct 2026 · IPO | A$7.1B, plus over-allotment | ~A$43.7B | A$550 equiv. | A$11.00 |
A dash means the price wasn't disclosed. The August round was US$10.5B, about A$15.5B. One Rivkin email described it as US$15.5B, which has the currency wrong.
Think of the company as a pizza. When Firmus raises money it bakes new slices and sells them for cash. Your slices become a smaller share of the pizza. What matters is the price of the new slices: when they sell for more than you paid, your smaller share is worth more.
You bought existing shares from a holder. The money went to the seller, not the company, so no new shares were created.
Each round created new shares, so your percentage shrank, by about 10% in April and 13–19% in August. The August price of A$230 was 59% above your A$145, so your stake was worth more after each round.
The 50-for-1 split cuts each slice into thinner slivers. You have more pieces of the same pizza, so the split changes nothing in value. The A$7.1B of new shares is about 16% of the listed company, which dilutes you again at A$11 a share.
By listing day you own about two-thirds of the percentage you originally bought, but the company is worth about six to seven times more than when you bought in.
| Item | What has been reported |
|---|---|
| Founders | 10% of shares released after one year, a further 39.9% after two years |
| Blackstone | Reportedly free to sell once trading starts |
| Nominee trust and other small pre-IPO holders | Not reported. Check the prospectus and confirm with Rivkin |
| Demand | Indications of interest above the A$7.9B offer size before books opened |
| Timetable | Institutional bookbuild 6–7 Oct · prospectus ~8–12 Oct · retail offer 12–19 Oct · ASX trading 22–23 Oct |
Who decides when to sell. Rivkin's 8 September letter offered three options: transfer the shares into your own name, roll into the Rivkin High Conviction trust, or stay in the nominee trust. Staying was the default if there was no reply by 15 September. In the trust, the trustee makes one hold-or-sell decision for every unitholder.
The questions in bold decide whether you can sell at the IPO and who makes that call.