Nvidia-Backed AI Data Center Firm Firmus Faces Hurdles in IPO

Firmus Grid, an Australian AI data center operator backed by Nvidia, originally planned to raise up to $5.5 billion through its initial public offering (IPO), positioning it as one of Australia's largest ever. However, growing investor concerns over post-listing stock performance and potential selling pressure from existing shareholders have cast uncertainty on the deal. On October 8, the company concluded its IPO bookbuilding as scheduled, but the final issue price and transaction structure remain unclear. Amid these developments, Maas Group Holdings, an existing shareholder of Firmus, saw its shares plunge by 30% during Sydney trading hours, marking the stock's largest recorded drop.