AI NEWS
Firmus pulls biggest ASX float since Telstra amid investor doubt about datacentre company
Firmus Technologies has cancelled its planned ASX listing, which was set to be Australia's largest since Telstra in 1997, after failing to generate sufficient investor demand for its AI datacentre business. The company will now seek funding from private markets instead.
THE NEWS
What happened
Firmus Technologies has cancelled its planned ASX listing, which was set to be Australia's largest since Telstra in 1997, after failing to generate sufficient investor demand for its AI datacentre business. The company will now seek funding from private markets instead.
CONTEXT
Why it matters
Breaking: Firmus pulls its biggest ASX float ever. The planned $44bn AI datacentre IPO is dead after investor demand vanished. Backers include Nvidia and Blackstone. CDC also walked away from a $73bn deal citing mission divergence.
AT A GLANCE
Key facts
- Firmus scrapped its $44 billion valuation IPO scheduled for October 23 on the ASX.
- The listing was backed by Nvidia, Blackstone, Jane Street, and Coatue but faced skepticism over its startup phase status.
- Investors feared early backers would use retail investors as an exit strategy.
- Partner CDC ended a $73 billion deal with Firmus due to diverging business models regarding infrastructure resilience.
- Shares in Firmus investor Maas Group dropped more than 20% following the news.
SOURCE
Original source
This article is based on information published by The Guardian AI.
KEEP READING
