Firmus pulls biggest ASX float since Telstra amid investor doubt about datacentre company
The offer would have been the biggest debut on the stock market since the telecommunication giant in 1997 Firmus Technologies has scrapped what was set to be Australia’s biggest company listing in decades after investor demand for its much-hyped AI data centre business failed to materialise. A Firmus spokesperson said the board decided that proceeding with the offer was no longer in the best…
Firmus Technologies has abandoned plans for Australia's largest company listing since 1997, citing lack of investor interest in its AI data centre business. The decision was made by the company's board, who deemed proceeding with the offer to be no longer in the company's best interests. Firmus had anticipated a $44bn valuation for its listing, making it a highly anticipated event on the Australian Securities Exchange (ASX).
However, the company faced skepticism over its valuation and forecasts for earnings, given its status as a start-up with only two small operational sites. Backed by Nvidia and Wall Street firms such as Blackstone, Jane Street, and Coatue, Firmus had hoped to raise billions of dollars through a public float facilitated by five brokers.
The failure to secure investor demand for the float means Firmus will now seek funding from private investors to continue its plans to build liquid-cooled "AI factories" in Australia and across Asia.
Written by urgent.news from The Guardian's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
