Firmus Grid's $30 Billion IPO Collapses as US Funds Shun $5.5 Billion Deal
Updated
Updated · Bloomberg · Oct 10
Firmus Grid's $30 Billion IPO Collapses as US Funds Shun $5.5 Billion Deal
3 articles · Updated · Bloomberg · Oct 10
Summary
$30 billion vanished in 48 hours as Firmus Grid's planned listing unraveled after bankers failed to line up enough US institutional demand.
US fund managers, expected to absorb a key share of the up to $5.5 billion offering, balked after closer scrutiny of the Nvidia-backed AI data-center pitch.
The collapse turns what had been marketed for months as one of Australia's biggest-ever IPOs into a major setback for a company that had aimed to rank among the sector's top 10 players.
The failed float underscores how heavily large global listings still depend on US capital, even when tied to the AI boom.