Firmus closes books on struggling IPO amid investor concerns

Firmus Grid Ltd. has closed the books on its initial public offering. According to Bloomberg, it got there with investors openly wondering whether the deal would be canceled. That is an awkward backdrop for a listing positioned as the second-largest IPO in Australian history. Only Telstra’s 1997 float ranks ahead of it. A big deal with a thinning crowd The Australian data center operator completed its institutional bookbuild on October 8, 2026. Shares were priced at A$11 each. At that price, Firmus is aiming to raise approximately A$7 billion. If the over-allotment option is exercised, the figure could reach as much as A$7.7 billion. The offer implies an equity valuation of around A$43.7 billion, or US$30.3 billion. Early interest in the deal was reportedly strong. Demand then faded noticeably heading into the final stretch, particularly from foreign investors. That retreat sparked speculation about two unpleasant outcomes. One was a cut to the offer price. The other was Firmus walking away from the float altogether. Neither has happened so far. The books are closed, and trading is expected to start around October 22-23, 2026, once regulatory approvals are in hand. Why the skeptics...