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Firmus Investor Stock Falls After Reports AI Data Centre Operator May Cut $5 Billion IPO
Maas sank more than 24% after reports Firmus may cut its float price, while miners dragged the ASX lower and iron ore shipments fell 6%.
- On Thursday, the S&P/ASX200 index fell 0.51 per cent to 8683.4 as construction services provider Maas Group shares tanked more than 24 per cent following reports that Nvidia-backed Firmus may cut its $5 billion Australian IPO price.
- Facing weaker-than-expected overseas investor demand, Firmus and its advisors were contemplating reducing the share price from A$11 to A$8.25 on Thursday, threatening what was intended to be Australia's largest new share sale in nearly three decades.
- Maas Group holds a 3.2 per cent stake in Firmus and lucrative work contracts; a price cut to A$9 from A$11 would reduce the holding value by about A$75 million, though Emanuel Ajay Datt, managing director of Datt Group, said the selloff magnitude is "overdone".
- The raw materials sector tumbled 2.6 per cent, with mega-miners BHP, Rio Tinto, and Fortescue tracking similar falls as Fortescue's iron ore shipments slumped six per cent in the third quarter, eroding A$517 million from Maas Group's market value.
- Australia's decline mirrors Wall Street's pullback from record highs, with rising bond yields reaching 5.36 per cent exerting downward pressure on stocks, while sentiment towards AI technology has shifted sharply in recent weeks amid concerns over valuations and control.
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PressNewsAgencyFirmus investor stock falls after reports AI data centre operator may cut $5 billion IPO
Oct 8 : Investor concerns that Nvidia-backed Firmus may cut the size of its $5 billion Australian initial public offering (IPO) drove a 30 per cent plunge in shares of construction services provider Maas Group, which owns 3.2 per cent in the AI data centre operator.The final details of Firmus' share sale, the
·Singapore, Singapore
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Sydney Morning Herald+2 Reposted by 2 other sources
ASX finishes lower as oil jumps again on renewed Iran tensions
The Australian sharemarket declined on Thursday as oil prices jumped on renewed Middle East tensions, stoking concerns about inflation. Miners led the losses.
·North Sydney, Australia
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Coverage Details
Total News Sources11
Leaning Left2Leaning Right2Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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