Nvidia-backed Firmus shelves its $5 billion Australian IPO for lack of demand

Firmus, an Australian AI data-center operator backed by Nvidia, Coatue, Blackstone and Jane Street, pulled its planned $5 billion share sale on Friday, citing market conditions. It said it will raise money privately instead.

Reuters reported the offer, at A$11 a share, would have valued Firmus at $30.6 billion, nearly triple the $10.5 billion valuation of its August funding round. The company runs two leased data centers, in Melbourne and Singapore.

Investors balked at the price. "They were asking for a very big price tag for what would likely be expected to happen in the future assuming near flawless execution," said Joseph Koh of Blackwattle Investment Partners.