Firmus pulled its IPO on Friday 9 October 2026, before its shares began trading on the ASX. The AI data centre builder had asked $11 a share, about $44 billion, and the big funds didn't put in enough orders at that price. The listed damage landed on a different company: Maas Group (MGH.AU), a Firmus shareholder and contractor, closed 22.4% lower on Thursday.
All figures are in Australian dollars unless marked US$.
What happened to the Firmus IPO?
Firmus withdrew its ASX listing on 9 October 2026, three days after it began taking bids from institutional investors. The board cited "market volatility and prevailing market conditions" and said proceeding was not in the best interests of the company and its shareholders.
The timeline ran fast:
| Date | Event |
|---|---|
| Tuesday 6 October | Institutional bookbuild opens at $11 a share |
| Wednesday 7 October | Reports say the bankers are weighing a lower price |
| Thursday 8 October | The book closes; price talk of $9, then $8.25; Maas Group closes 22.4% lower |
| Friday 9 October | Firmus withdraws the float |
The float would have been the biggest on the Australian share market since Telstra in 1997. Reports put the raise at between $7 billion and $7.9 billion.
Firmus says it will raise money privately and attempt a Nasdaq listing next year.
Why did investors reject the Firmus float?
My read: price was the main problem. At $11 a share Firmus asked about $44 billion for a business with roughly $50 million in revenue last year.
The valuation had climbed quickly. A private round valued Firmus at $1.85 billion in September 2025, a later round in August 2026 put it at US$10.5 billion, and the float asked about $44 billion. That's more than twenty times the September 2025 figure in about a year.
Most of the business was still being built. Firmus had 46 megawatts of data centre capacity running and 865 megawatts under development, according to Forbes Australia. Its contracted revenue, with customers including OpenAI and Meta, only arrives as those sites switch on.
Coatue held 8.4%, Nvidia 7.2% and Blackstone 6.7%. Those names on the register didn't bring enough orders at $11. Ten Cap's Jun Bei Liu told Forbes Australia a fair valuation was under $10 billion. That's her view, not a consensus.
The ASX's technology index had fallen almost 18% this year going into the float.
Why did Maas Group shares fall 22.4%?
Maas Group had exposure through both a shareholding and contracts. It owns 3.2% of Firmus and holds about $1.2 billion of fit-out contracts with it, according to Forbes Australia.
On Thursday 8 October, as the repricing reports spread, Maas closed at $4.96, down from $6.39 the day before. That's a 22.4% fall close to close, and the stock traded as low as $4.47 during the session.
Say your Maas shares were worth $10,000 at Wednesday's close and you held them through Thursday.
| Value | |
|---|---|
| Wednesday close | $10,000 |
| Thursday move (-22.4%) | -$2,240 |
| Thursday close | $7,760 |
A Maas holder saw more than a fifth of the position's value go in one session, on news about a float that belonged to Firmus.
What is deal risk in a stock you own?
Deal risk is the chance that a transaction your stock depends on gets repriced, delayed or cancelled. The deal can belong to another company: a customer's float, a takeover target, a supplier's refinancing, a partner's contract award.
The news can come out in another company's announcements, not your company's, so it's easy to miss. It can also arrive as a gap, a jump in price between one close and the next trade. A stop order can fill below its trigger if the market gaps.
In my read, the Maas move shows both. Its fall tracked reports about another company's bookbuild, and it opened Thursday at $5.00 against a $6.39 close the day before.
How can you track a position tied to someone else's deal?
You can't control a deal you're not part of. You can write down, before the news lands, what the position is tied to and where you'd get out.
The trade form in Swingfolio has a stop loss field and a notes box for this. Record the stop you'd act on, and use the notes to name the deal the trade depends on and its key dates. When the headline arrives, the plan you made with a clear head is on the trade.
For more on setting the exit itself, see stop loss strategies and the macro event checklist, which covers sizing around dates you can't predict.
Frequently asked questions
Was the Firmus IPO cancelled?
Yes. Firmus withdrew its ASX listing application on Friday 9 October 2026 after the institutional bookbuild. It says it will raise money privately and attempt a Nasdaq listing next year.
What price was the Firmus IPO?
The offer price was $11 a share, which valued Firmus at about $44 billion. Reports during the bookbuild discussed $9 and then $8.25 before the float was pulled.
Why did Maas Group shares drop?
Maas Group owns 3.2% of Firmus and holds about $1.2 billion of fit-out contracts with it. Its shares closed 22.4% lower on Thursday 8 October as reports of a lower Firmus price spread.
Did Firmus shares begin trading on the ASX?
No. Firmus withdrew its listing application before ASX trading began. Holders of listed companies tied to Firmus, such as Maas Group, did see price falls.
General information only. Not financial advice.