A major Australian tech company has abandoned its planned record-breaking stock market debut after weak investor interest in its AI-focused datacentre operations. The decision follows a collapse in demand for the $11-per-share offering, which was expected to be the largest initial public offering in years. Firmus Technologies cited the board’s assessment that continuing with the listing would no longer serve the company or its shareholders. The move marks a rare setback for a business that had been positioned as a high-profile entry into Australia’s AI infrastructure sector.
The $11-a-share offer would have been the biggest debut on the stock market since the telecommunication giant in 1997Get our breaking news email, free app or daily news podcastFirmus Technologies has scrapped what was set to be Australia’s biggest company listing in decades after investor demand for its much-hyped AI datacentre business failed to materialise.A Firmus spokesperson said the board decided that proceeding with the offer was no longer in the best interests of the company and its shareholders. Continue reading...
