Firmus Grid Ltd.’s ambitious $30 billion IPO collapsed within 48 hours after failing to attract US investors. The Nvidia-backed AI data center firm, once touted as a top-tier Australian listing, faced immediate skepticism over its valuation. Despite months of promotion and strong initial interest, fund managers deemed the price too high.
As existing shareholders were not subject to escrow, fears of a market flood emerged, further weakening demand. By Wednesday, bankers scrambled to reduce the deal size and price, but efforts failed. The bookbuild closed Thursday with no clarity on pricing or structure.
Shares of backer Maas Group Holdings Ltd. plunged 30%. Jun Bei Liu of Ten Cap Investment called the IPO “the most polarizing” she’d seen, noting the company would likely seek private funding instead. The collapse highlights growing investor caution toward AI infrastructure ventures without proven track records.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing