Firmus Technologies has abandoned its planned ASX listing, ending a week in which a much-hyped offer went from apparent oversubscription to withdrawal. The company had promised investors a stake in an AI-enhanced future of liquid-cooled datacentres packed with Nvidia microchips.
According to The Guardian, citing multiple people briefed on the matter who asked not to be named, investment banks Morgans, Morgan Stanley, JP Morgan and Bank of America were managing the bookbuild. On Monday, the bankers' identical messages read: 'At the fixed price, indications are well in excess of the offer size.' The messages said 50% of the deal would go to existing strategic investors, meaning the company needed to raise about $3.5bn in new capital. Five retail brokers were also involved.
Behind the scenes, concerns emerged on Tuesday. Updated information showed that more than 50% of the register, including shares held by Wall Street firms Blackstone, Jane Street and Coatue, could be sold as soon as the company listed on 23 October. Even Oliver Curtis, who has spent time in prison for insider trading, could use a financial instrument to immediately monetise most of his stake despite being thought to have his shares locked up in escrow, the report said. His cousin Tim Rosenfield and former brother-in-law Jonathan Levee also stood to gain.
The company was valued at less than $2bn in 2025 and has just two small operational sites, making the $44bn asking price, roughly the size of Woolworths, an eye-watering step up.
By Friday, the float was off. The Guardian noted that retail investors may have been spared a potentially disastrous investment, and that attention now turns to claims made by Firmus's backers and the long-term viability of the business.