Panmure Liberum acted as Bookrunner and UK Financial Adviser to Fermi America on its dual listing IPO on NASDAQ and the London Stock Exchange.
We are delighted to announce that Panmure Liberum acted as Bookrunner and UK Financial Adviser on Fermi America’s successful dual listing IPO on NASDAQ and a secondary listing on the London Stock Exchange, raising $785 million (including the Greenshoe) and valuing the Company at $13.8 billion. This is the first simultaneous dual listing on the NASDAQ and LSE for decades and the largest IPO on the London Stock Exchange since September 2020.
Fermi America is an advanced energy and hyperscaler development company purpose-built for the AI era. Headquartered in Texas on land leased from Texas Tech University, the company is centred around Project Matador - a first-of-its-kind campus designed to meet the surging energy demands of AI.
Spanning multiple phases through 2038 and incorporating nuclear, combined-cycle natural gas, solar, battery and utility grid sources, Project Matador will deliver up to 11 GW of behind-the-meter power and support up to 15 million square feet of AI-ready hyperscale infrastructure. The project’s initial 1.1 GW of capacity is expected to come online by the end of 2026.
Fermi was co-founded by former U.S. Energy Secretary Rick Perry and Toby Neugebauer, former Co-Managing Partner of Quantum Energy.
The company’s upsized IPO attracted significant demand from leading institutional investors, closing oversubscribed and raising $785 million through the sale of 37.4 million shares at a price of $21 per share. With a market capitalisation of approximately $13.8 billion at admission, the transaction ranks among the largest IPOs completed to date on the London Stock Exchange.
Panmure Liberum Team
ExCo – Bidhi Bhoma
Investment Banking – Scott Mathieson, Amrit Mahbubani, Gaya Bhatt, Phoebe Bunce
Corporate Broking – Mark Murphy, Rauf Munir
Sales – Simon Fickling, Guy Froud, Chris Cooper, James Shields
IR – Jodi Hutchins
Legal – Rebecca Gordon, Emily Troubridge
Compliance – Amber Wood, Harriet Blackie, Shivani Ghiraiya
