Rick Perry's REIT rises after 55% first-day gain

Fermi

02/10/2025 12:36

** Shares of data center real estate investment trust Fermi FRMI.O, co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, up 16% at $37.74 before the bell following strong Nasdaq debut

    ** Amarillo, Texas-based Fermi on Weds scored 55% gain, closing at $32.53 after upsized $682.5 mln IPO priced at $21, becoming the latest company to capitalize on voracious investor appetite for AI infrastructure stocks

    ** As of last close, Fermi had market value of about $19.3 bln based on ~592.8 outstanding shares cited in its filing

** Fermi, which has yet to generate any revenue since its formation in Jan, said that foreign countries could take an equity stake in U.S. nuclear consortium

** UBS, Evercore, Cantor Fitzgerald and Mizuho led a 10-firm underwriting group for the IPO

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))