# Maas Group Shares Fall 22.4% Before Firmus Withdraws Proposed Listing By John Kim Canonical URL: https://www.tokenpost.com/news/business/30013 Published: 2026-10-12T03:27:44.000Z Updated: 2026-10-12T03:27:44.000Z Section: Business > The decline reduced Maas Group Holdings’ market capitalization by about A$686.6 million on Oct. 8, one day before Firmus Grid withdrew its proposed ASX listing. Maas Group Holdings shares fell 22.4% on Oct. 8, reducing the company’s market capitalization by about A$686.6 million, before Firmus Grid withdrew its proposed Australian Securities Exchange (ASX) listing the following day. Firmus withdrew its ASX listing application after determining that market volatility and the proposed offering terms did not adequately reflect the company’s business strength and long-term growth outlook. The company plans to pursue private-market funding and other options. The proposed listing had targeted an offer price of A$11 per share, a raise of about A$5 billion to A$7 billion and an implied valuation of roughly A$30.6 billion to A$43.7 billion. Those figures were proposed IPO terms and did not represent a completed public-market valuation. The withdrawal removes an immediate public-market reference point for the value of Maas’ private Firmus equity stake. It does not establish a realized or unrealized loss on that investment. Maas subscribed for a further A$300 million of Firmus shares on Aug. 4, taking its total investment cost to A$410 million and its ownership to approximately 3.2% on a fully diluted basis. The company’s JLE subsidiary has received about A$1.1 billion in Firmus-related work orders across fiscal 2026 and fiscal 2027. JLE has received A$373 million in payments, with the work expected to be completed by the end of calendar 2027. Maas’ Firmus exposure therefore includes both its private equity holding and construction and electrical-infrastructure work tied to the company. Maas’ contracts remained in place after the listing withdrawal. Firmus develops infrastructure for artificial-intelligence data centers and so-called AI factories. Investor concerns focused on Firmus’ valuation, financing needs and limited completed operating capacity, increasing pressure on the offering. The development continues [earlier reporting on Firmus Grid’s IPO uncertainty](), while Firmus shifts its financing plans toward private-market options. ## Links in this article - [earlier reporting on Firmus Grid’s IPO uncertainty](https://www.tokenpost.com/news/business/27885)