Firmus Withdraws Planned Multibillion-Dollar Australian IPO

Firmus withdrew its planned Australian Securities Exchange listing after market volatility made the proposed offer unattractive to the company and its shareholders, ending a multibillion-dollar funding plan for the AI infrastructure operator.

The withdrawal was announced on Oct. 9 in Australia, equivalent to Oct. 8 in U.S. Eastern time. Firmus said its board determined that the available offering terms would not reflect the company’s business strength and long-term growth outlook.

The proposed offer was marketed at A$11 per share, implying an equity valuation of about $30.6 billion. Firmus did not disclose investor-demand or order-book figures.

The company will now pursue private-market capital and evaluate other public and private financing options. Firmus announced a fully subscribed $2 billion equity investment on Aug. 7, bringing its total new equity raised over the previous year to more than $3 billion and its post-money valuation above $10.5 billion.

Firmus operates AI data centers in Melbourne and Singapore, with five additional Asia-Pacific facilities in early development. It has also announced plans involving up to 170,000 graphics processing units with NVIDIA.