Australian data-centre operator Firmus dropped a 5 billion dollar listing, citing market conditions, and said it will raise money privately instead.
Firmus, an Australian data-centre operator backed by Nvidia, shelved a 5 billion dollar initial public offering on Thursday, citing market volatility and conditions. The company said it would seek capital in private markets and consider other public and private options.
Firmus said the terms did not reflect the strength of the business or its long-term outlook, and that the board decided proceeding was not in the interests of the company and its shareholders. Reuters said the offer met lukewarm demand and would have been the second-largest new share sale in Australian history.
The company had planned to sell shares at 11 Australian dollars, implying an equity valuation of 30.6 billion dollars, nearly triple the 10.5 billion dollar valuation after a fundraising round at the start of August, Reuters reported. Backers include Nvidia, Coatue Management, Blackstone and Jane Street.
Firmus designs and operates modular AI factories and has two sites online, in Melbourne and Singapore. Five more planned across the Asia-Pacific are in early stages.
The decision ends this listing attempt. It does not set a date for a later offer.
People Sentiments Negative
- Firmus said the offer terms did not reflect the business and that proceeding was not in shareholders' interests.