Correction - Updated version 2 - Firmus investor Maas shares fall after an AI data center operator withdrew its high-profile IPO plan
路透社2026/10/09 07:56Correction: The IPO valuation in the first paragraph should be $5 billion, not 5 billion AUD. Maas shares once fell by 10.7%, hitting a five-month low. Firmus withdrew its listing application citing market volatility. Maas holds a 3.2% stake in Firmus and supplies equipment for its AI factory project. The subsidiary holds Firmus orders worth AUD 1.1 billion until fiscal year 2027. Kumar Tanishk/Rajasik Mukherjee, Reuters, October 9—On Friday, after Firmus, which is backed by Nvidia (NVDA.O), cancelled its $5 billion initial public offering (IPO) plan, shares of Maas Group’s (MGH.AX) closed down more than 6%. This raised concerns in the market about the value of its stake in the data center operator and the risks to its existing contracts. The cancellation deprived Maas of a potential market valuation and liquidity route for its 3.2% Firmus equity; it also shifted investors’ focus to JLE Group—an electrical infrastructure division of this Australian construction services provider. “The real risk is correlation. If Firmus faces financing issues, both MGH’s investment and JLE’s order volume could come under pressure,” said Hersh Oberoi, Global Head of Research at Balfour Capital Group. After trading was paused pending updates on Firmus’s IPO and related contracts, Maas shares resumed trading, dropping as much as 10.7% to a five-month low. Oberoi commented that the share price repricing was generally reasonable, since investors lost a potential upside in valuation rather than incurring actual cash losses. He added that the stake’s value should be benchmarked to its last private fundraising round, with adjustments for lack of liquidity. Firmus withdrew its listing application on Friday, citing market volatility and current conditions that “do not fairly reflect our business strength and long-term growth prospects.” JLE is set to deliver modular “Power Cubes” and related electrical engineering under orders valued around AUD 1.1 billion ($768.13 million) for fiscal years 2026 and 2027. Maas noted it has received AUD 373 million in payments, and expects completion before the end of 2027. IPO Withdrawal Triggers MAAS Share Revaluation A report on Thursday that Firmus was reconsidering the offer led Maas shares to slump 22.4%. The stock has fallen 32% over the past week, erasing nearly AUD 788 million in market capitalization. Firmus had previously planned to price its shares at AUD 11 apiece, valuing the equity at about AUD 30.6 billion—nearly three times its AUD 10.5 billion valuation in the August funding round. The withdrawn IPO would have been Australia’s second largest ever, underscoring investor caution toward highly valued, aggressively expanding, and capital-intensive AI infrastructure firms. ($1 = 1.4320 AUD)
Correction to the IPO valuation in the first paragraph, revised from 5 billion AUD to 5 billion USD
Kumar Tanishk/Rajasik Mukherjee
Reuters, October 9 - On Friday, shares of Maas Group’s MGH.AX closed down over 6% after Firmus, backed by Nvidia (NVDA.O), canceled its 5 billion USD initial public offering (IPO) plans. This has sparked concerns in the market over the value of Maas's stake in the data center operator and contract risks.
The cancellation of the IPO not only stripped Maas’s 3.2% stake in Firmus of a potential public market valuation and liquidity channel, but also shifted investors’ attention to JLE Group—the electrical infrastructure division of the Australian construction services provider.
“The real risk is the association. If Firmus’s funding is hit, both MGH’s investment and JLE’s order book could come under pressure,” said Hersh Oberoi, Global Head of Research at Balfour Capital Group.
After trading was paused as the market awaited updates on Firmus’s IPO and related contracts, Maas shares resumed trading and at one point fell 10.7%, hitting a five-month low.
Oberoi said the share price revaluation was generally reasonable, as investors lost expected upside rather than suffering a direct cash hit; he added that the stake should be valued based on its last private fundraising round, and further discounted for illiquidity.
Firmus withdrew its listing application on Friday (link), saying market volatility and current conditions failed to fairly reflect the company’s business strength and long-term growth prospects.
JLE is scheduled to deliver modular "Power Cubes" and related electrical engineering in fiscal 2026 and 2027 on orders totaling about 1.1 billion AUD (768.13 million USD).
Maas said it has received 373 million AUD in payments and expects the project to be completed by the end of 2027.
The IPO withdrawal leads to Maas share revaluation
On Thursday, after reports that Firmus was reconsidering the offer, Maas shares (link) plummeted 22.4%. Over the past week, the stock has fallen a total of 32%, wiping nearly 788 million AUD from its market value.
https://www.reuters.com/graphics/MAAS-SHARES/akvelnoxgpr/chart.png
Firmus had previously planned (link) to price its shares at 11 AUD each, giving the company an equity valuation of about 30.6 billion AUD—nearly triple its 10.5 billion AUD valuation in an August funding round.
The withdrawn IPO would have been Australia’s second-largest on record, highlighting investors’ caution about richly valued, aggressively expanding, and capital-intensive AI infrastructure companies.
(1 USD = 1.4320 AUD)
(To assist non-native English speakers, Reuters has automatically translated its reports into several other languages. Because automated translation may contain errors or lack desired context, Reuters does not guarantee the accuracy of the text and provides the automated translation for convenience only. Reuters assumes no responsibility for any damage or loss arising from the use of automated translation functionality.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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