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Australian NVIDIA-Backed AI Data Centre Operator Firmus Shelves IPO
- On Thursday, Firmus Technologies postponed its initial public offering and is weighing a private funding round instead. Order-taking for the listing closed that morning without clear indication of price or deal structure.
- Potential investors turned cautious, voicing concerns that existing shareholders might flood the market after the company's debut. This overhang exacerbated debates over whether Firmus's $44 billion valuation was too aggressive.
- Firmus had originally priced its offering at $11 per share, reflecting a $43.7 billion valuation. Market pressure raised questions about whether the price would be slashed to $9, $8, or even $6.
- Co-Founders Oliver Curtis and Tim Rosenfield face pressure to secure the float, with high-profile stakeholders including James Packer, Joe Hockey, and Alex Waislitz holding significant positions in Firmus.
- Proceeds from a successful listing would have funded graphics processing units for a data centre project in Batam, Indonesia, being developed with DayOne Data Centres Ltd. as part of an eight-year partnership with Nvidia.
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Australian NVIDIA-backed AI data centre operator Firmus shelves IPO
SYDNEY, Oct 9 : Australia's Nvidia-backed AI data centre operator Firmus shelved its initial public offering citing recent market volatility, and will opt for a private fundraising round, the company said in a statement."Firmus will now pursue capital from the private markets and consider alternative public a
·Singapore, Singapore
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Total News Sources28
Leaning Left4Leaning Right5Center6Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 27%
C 40%
R 33%
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