Firmus Grid and its advisers are discussing a $2 billion to $3 billion private funding round with existing investors after withdrawing its Australian IPO, Bloomberg reported on 9 October, citing people familiar with the matter.
The planned US$5.5 billion listing failed to attract enough support at its marketed A$11 share price, The Straits Times reported. Firmus closed its order books on the morning of 9 October in Sydney before withdrawing the offer. In a statement, the company cited “recent market volatility and prevailing market conditions” and said the available IPO terms would not “appropriately reflect” its business and long-term growth outlook.
AI Affairs reported that the withdrawn IPO had been set to value Firmus at A$43.7 billion. About 58% of its shares would have been free to trade from the first day, according to investors and advisers who spoke to The Straits Times. Firmus operates two data centres, and the IPO proceeds were intended to help fund a wider network. UniSuper did not take part in the IPO process. Its chief investment officer, John Pearce, said in an 8 October investor update that Firmus would need further debt and equity to fund its expansion.
