Nvidia-backed Firmus scraps US$5 billion Australian IPO on poor demand; eyes private funding
Fund managers see pulled deal reflecting questions around Firmus, not AI more broadly
Australia's Firmus, an AI data centre operator backed by Nvidia, has abandoned its US$5 billion initial public offering (IPO) due to poor demand, according to the wire material. The company says it will pursue private funding instead. Firmus' IPO would have been the second-largest new share sale in Australia's history but faced lukewarm interest from investors.
The firm initially planned to sell its shares at A$11 each, which would have valued the company at US$30.6 billion, nearly triple its valuation of US$10.5 billion from a fundraising round in August. Firmus designs and operates modular AI factories using proprietary energy and cooling technology and currently has two leased data centres in Melbourne and Singapore, with plans to build five more in the Asia-Pacific region.
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Also reported by 3 other outlets
- Nvidia-backed Firmus scraps US$5bil Australian IPO on poor demand nst.com.my
- Nvidia-backed Firmus scraps $5bn Australian IPO on weak demand asia.nikkei.com
- Nvidia-backed Firmus shelves IPO, eyes private funding straitstimes.com
