Firmus cancels $8B listing application

• Firmus pulled its planned $8 billion public float on the ASX.
• The company will now seek growth capital through private markets instead.
• Management cited recent market volatility and unfavourable valuation terms for the cancellation.

Firmus has withdrawn its application for an $8 billion initial public offering on the Australian Securities Exchange due to adverse market conditions.

The decision halts what was projected to be the second-largest share market debut in Australian history, following the planned float set for Oct. 23.

“The board determined that the terms on which the offer could proceed would not appropriately reflect the strength of the company’s business and long-term growth outlook,” the company said in a statement.

The artificial intelligence infrastructure provider had initially aimed to raise funds to expand its regional data centre operations before opting to seek alternative private funding.

The business previously operated as a cryptocurrency mining firm in 2019 before pivoting towards building liquid-cooled data facilities.

Prior to the withdrawal, the company had expanded its asset portfolio by securing multi-year computing capacity agreements with major global technology platforms.