Firmus Technologies Withdraws ASX Listing Plans Following Failed Bookbuild
Firmus Technologies has officially withdrawn its application to list on the Australian Securities Exchange (ASX) following a week of declining investor interest. The company, which focuses on liquid-cooled datacentres, initially aimed to raise over $7bn at a valuation of $44bn according to reporting by The Guardian. However, as the bookbuild progressed, investment banks including Morgans, Morgan Stanley, JP Morgan, and Bank of America struggled to generate sufficient demand. Despite attempts to reprice the offering from $11 per share down to $5.50, the company could not secure necessary commitments from institutional investors. Firmus cited market volatility and prevailing conditions for the withdrawal, stating it will now seek capital through private markets.