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 in recent years, citing a lack of investor interest in its AI data centre business. The telecommunications firm, which had anticipated a $44 billion valuation, will now seek capital from private markets and explore alternative public and private options.
Firmus's board made the decision to withdraw the $44 billion flotation following weak demand for its much-anticipated offering. The company, backed by chip maker Nvidia and Wall Street firms Blackstone, Jane Street, and Coatue, faced skepticism over its high valuation and projected earnings, given its nascent stage and only two small operational sites.
Despite backing from five brokers, the listing was expected to raise billions of dollars for Firmus through a public float. With the lack of investor demand, Firmus will now pursue funds from private investors to finance its ambitious plans to build liquid-cooled "AI factories" in Australia and across Asia.
Written by urgent.news from The Guardian Australia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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