Maas Group Holdings loses $699M in market value as Firmus Grid IPO collapses

Maas Group Holdings just learned the hard way what happens when your biggest growth story gets cold feet. The Australian construction and infrastructure company shed more than $699 million in market value after Firmus Grid’s planned initial public offering fell apart. Jefferies then downgraded its rating on Maas. How a listing that never happened sank a stock that did Firmus Grid, an AI infrastructure company backed by Nvidia, had been preparing to list on the Australian Securities Exchange. The offering aimed to raise between A$5 billion and A$7 billion at a target price of A$11 per share. That price implied an equity valuation of A$30.6 billion to A$43.7 billion. Back in August, Firmus had been valued at A$10.5 billion. Firmus withdrew its ASX IPO application on October 9, 2026. The company pointed to market volatility and demand it said didn’t accurately reflect the potential of its business. Maas shares took the first hit before the withdrawal was even formalized. The stock fell 22.4% on October 8, wiping out approximately A$517 million in market capitalization in a single session. The pain carried into October 9. Reported declines that day ranged from over 6% to as much as 11%...