Maas Group falls 6.7% as Firmus scraps $5 billion IPO

Investing.com··AUUS·Read original
3▲0 ▼0Impact / 5
Summary · why it matters

Shares of Australia's Maas Group closed 6.7% lower at A$4.63 on Friday after resuming trade following a trading halt, as investee AI data centre operator Firmus abandoned its planned $5 billion initial public offering. The stock had plunged 22.4% on Thursday after reports that Firmus was reconsidering the terms of its proposed listing. Maas entered the halt earlier in the day pending a material announcement about its investment in Firmus and its contractual arrangements with the company. Firmus, which is backed by Nvidia, withdrew its planned IPO on Friday, citing market volatility and prevailing conditions, and said it would pursue private-market funding. Maas holds a 3.2% stake in Firmus, having committed an additional A$300 million in August, and also has significant commercial exposure through contracts for electrical infrastructure and power equipment at Firmus's planned AI data centres.

Impact on assets 1

Artificial Intelligence▲

Off-coverage companies 2

Firmus Technologiesi
Private▼ NegativeCapitalrelevance

Firmus scrapped its planned $5 billion IPO, citing market volatility, and will pursue private-market funding instead.

Maas Group Holdings Limitedi
Private▼ NegativeCapitalrelevance

Maas shares fell as its investee Firmus abandoned its $5 billion IPO, hitting Maas's 3.2% stake and its commercial contracts with Firmus.