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Firmus Shelves Record ASX Float as Investor Doubt Sinks AI Datacentre IPO
Key Takeaways
- Firmus Technologies shelved its ASX listing on Friday after investor demand fell short of what bankers had projected.
- The $11-a-share offer would have raised about $7bn and valued the company at an anticipated $44bn, making it the biggest ASX debut since Telstra in 1997.
- Shares were due to list on 23 October; midweek talks considered a heavy price reduction before the board abandoned the float entirely.
- Scepticism centred on the gulf between the valuation and the business, which had only two small operational sites at the time.
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DT Editorial Team··via theguardian.com