Nvidia-backed Firmus withdraws its Australian stock exchange listing application and looks for private funding
Prepared by Sintelligent with the help of SI. Published in SI: . Updated: .
Investors have grown more cautious about SI infrastructure valuations: even a company backed by Nvidia withdrew its listing application.
According to ABC News, data centre operator Firmus withdrew its ASX listing application because of weak investor demand; the company had sought a valuation of about A$44 billion, the offer price was A$11 a share, and a cut to A$8.25 was later discussed. ABC cites investors' doubts about the high valuation, the debt load and a lack of information; Nvidia, per the same source, owns 7.2% of the company. UniSuper's John Pearce, as quoted by ABC, said Firmus has a "compelling story" but not a "compelling valuation". According to ABC, Firmus will seek private funding; earlier on October 8, Bloomberg reported that the company was set to postpone its IPO.
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