MAAS Group slides further after Firmus IPO cancellation, hits six-month low

MAAS Group shares plummeted to their lowest level since April, diving 11.2% to A$4.11 in trading on Monday, as the AI data centre operator Firmus pulled the plug on its $5 billion IPO. The cancellation of the IPO has left investors uncertain about the A$410 million investment MAAS Group has made in Firmus and the A$1.1 billion in orders for electrical infrastructure from its own data centre unit.

Trading volume on MAAS Group's shares was unusual, bottoming out at A$4.11 to A$4.50 during the day. The stock had previously lost 22.4% on Thursday and a further 6.7% on Friday, extending a sharp sell-off driven by concerns over Firmus' proposed listing. Firmus, supported by Nvidia, scrapped the IPO on Friday, citing market volatility and conditions, and announced it would seek private-market funding instead.

That move removed a potential benchmark for MAAS Group's 3.2% stake in Firmus and the value of that holding, leaving investors reevaluating the company's position. MAAS Group's electrical infrastructure division, JLE Group, holds about A$1.1 billion in orders from Firmus for infrastructure and power solutions for the data centre company's AI projects in 2026 and 2027.

Despite the contracts remaining intact, MAAS Group paid A$373 million under those agreements and expects completion of the work by the end of 2027. However, the IPO's failure has heightened scrutiny of Firmus' funding prospects and the potential risks to MAAS Group if the data centre operator faces difficulties financing its expansion.