Firmus Pulls A$44 Billion IPO on Prospectus Day
Firmus Technologies withdrew its initial public offering on Friday, the day it was due to publish its prospectus.
The data centre developer had aimed for a price of A$11 a share, which would have given the company a market value of almost A$44 billion, or about $31 billion.
In a statement, the company cited "recent market volatility and prevailing market conditions." It said the terms on which the offer could proceed would not appropriately reflect the strength of the business and its long-term growth outlook.
The withdrawal came after prospective shareholders balked at the valuation. Firmus said it would pursue alternative public and private-market options for raising capital.
The failed listing adds to signs of cooling sentiment around AI infrastructure. A recent report on OpenAI's revenue miss triggered a broad selloff in chipmakers and data centre stocks."" The decision reflects wider nervousness in AI infrastructure markets. Several data centre firms have delayed listings this year. Firmus said it continues to see strong demand for its facilities.
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