Firmus pulls biggest ASX float since Telstra amid investor doubt about datacentre company

Firmus has pulled its plans for the biggest ASX debut in two decades. Photograph: PR IMAGEView image in fullscreenFirmus has pulled its plans for the biggest ASX debut in two decades. Photograph: PR IMAGEFirmus pulls biggest ASX float since Telstra amid investor doubt about datacentre companyThe offer would have been the biggest debut on the stock market since the telecommunication giant in 1997

Firmus Technologies has scrapped what was set to be Australia’s biggest company listing in decades after investor demand for its much-hyped AI data centre business failed to materialise.

A Firmus spokesperson said the board decided that proceeding with the offer was no longer in the best interests of the company and its shareholders.

“Firmus will now pursue capital from the private markets and consider alternative public and private market options,” the spokesperson said on Friday morning.

“We will provide additional information to shareholders as those options progress.”

Firmus, with an anticipated $44bn valuation was expected to be the biggest ASX listing since Telstra in 1997.