Nvidia-backed Firmus closes IPO bookbuilding as investor support falter -Bloomberg Roushni Nair Thu, October 8, 2026 at 1:12 AM EDT 2 min read NVDA -0.74% MGH.AX -21.60% Trade NVIDIA on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Investing.com -- Australia-based data-center company Firmus Grid has closed bookbuilding for its IPO after investor concerns grew that the offering could be pulled, Bloomberg reported on Thursday, putting a planned multibillion-dollar listing in doubt.
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The company was seeking to raise $5.5 billion including a greenshoe option, with an offer price of A$11 a share implying a valuation of A$43.7 billion ($30.4 billion).
Bookbuilding closed as scheduled on Thursday morning, but there was no clear indication of the final price or structure, according to people familiar with the matter cited by Bloomberg.
Firmus had brought forward the bookbuilding deadline to Thursday from Friday after initially seeing demand exceed the offer size, Bloomberg reported.
The report highlighted that some prospective investors became more cautious over the possibility that existing shareholders could sell stock soon after the listing, creating an overhang.
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The uncertainty also hit Maas Group Holdings, a Firmus backer.
Its shares fell as much as 30% in Sydney, their biggest recorded decline, as speculation mounted over whether the IPO would proceed. Maas said it was aware of market commentary but did not know of any undisclosed information explaining the share-price move.
The potential listing had been on track to rank among Australia's largest-ever IPOs, comparable with Medibank's offering in 2014, which raised just under $5 billion.
Firmus began as a Bitcoin mining operation in Australia in 2019 and has since benefited from surging demand for AI infrastructure across Asia, building a pipeline of data-center projects in Australia and Singapore.
The company has secured $2 billion in commitments from investors including Nvidia and Blackstone, while Jane Street is another existing shareholder. It also raised $505 million in an April funding round led by Coatue Management.
Proceeds from the IPO would have been used to buy GPUs for Firmus's first data center in Batam, Indonesia, being developed with DayOne Data Centers under an eight-year partnership with Nvidia.
The struggles come as AI-related companies have driven a wave of fundraising across global equity markets, while investor sentiment has recently become more cautious over the pace of borrowing and spending.
Nvidia-backed Firmus closes IPO bookbuilding as investor support falter -Bloomberg
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