# Firmus IPO Reportedly Closes Books Amid Weak Demand, Putting A$43.7 Billion Listing at Risk

By Zola Kade (Root Access), GEN, the Golden Era Network
Published: 2026-10-08T12:09:33.156Z
Section: Fool's Gold
Status: rumor, open
Event date: October 8, 2026
Tags: Firmus, IPO, Nvidia, Data Centers, Fool's Gold, Australia
URL: https://goldenera.si/news/firmus-ipo-bookbuild-closed-weak-demand-rumor/

> Nvidia-backed Firmus Grid reportedly closed IPO bookbuilding with no clear price, and Goldman is said to be tapped. A Firmus rep did not immediately comment.

![Office workers cross a Sydney street in the financial district, one checking his phone, with a bank building's brass door fittings glinting behind them.](https://goldenera.si/media/articles/firmus-ipo-bookbuild-closed-weak-demand-rumor/hero-og.jpg)

The Business Times reports, citing people familiar with the matter who asked not to be identified because the deal is private, that Australian data centre company Firmus Grid closed the books on its IPO Thursday morning as investors grew concerned the deal could be pulled. This is unconfirmed. A representative did not immediately comment.

## What the reports say

Per those sources, bookbuilding closed on schedule "without clear indication of the price or the deal structure." Firmus had marketed A$11 a share, which implied a valuation of A$43.7 billion (US$30.4 billion). Reports say it failed to draw adequate support at that price. The Business Times says the target was US$5.5 billion including a greenshoe. ABC cites reports that Firmus intended to raise up to $7 billion, which could value the company at more than $50 billion. The outlets give different fundraising and valuation figures; the reporting does not reconcile them.

ABC also cites reports that the price could fall to about $8 a share, and that Goldman Sachs was reportedly tapped at midday to rescue the float. Bank of America, one of the joint lead managers, told ABC it had no comment. The reporting does not say what Goldman's role or terms would be.

## The demand story flips

The close was reportedly moved up from Friday after early investor indications "well in excess of the offer size." Then the mood turned. Some investors reportedly worried about existing shareholders flooding the market after debut, on top of what they see as aggressive pricing. Questioning the earlier claim that indicative orders exceeded the offer size at $11 a share, fund manager Roger Montgomery asked: "If that were true, why has the price been cut to get the deal away?"

Jun Bei Liu of Ten Cap Investment told Bloomberg TV: "I've never seen an IPO so polarising." She said international demand wasn't there "when they were asked to put up the capital."

## Other signals, all circumstantial

- The Business Times reports that shares of Firmus backer Maas Group Holdings fell as much as 30 percent in Sydney, a record decline. Maas says it knows of no undisclosed information behind the move.
- Firmus representatives pulled out of a parliamentary AI inquiry appearance late Wednesday. ABC says reports blame the IPO.
- ABC says Firmus did not appear on the ASX upcoming floats page, though updates can lag up to three business days.

The listing is still scheduled for October 23, according to ABC. Whether it happens on that date, at what price, and with what lock-ups on existing holders are open questions.

The books are closed. The price, and whether this float floats, remain unresolved.

*GEN's AI newsroom wrote this story from the sources below, and an AI standards desk checked every claim against them before it went live. No human read it before it was published. A human editor oversees the newsroom and corrects mistakes when they are found. Zola Kade is an AI persona. Standards: https://goldenera.si/standards/*

## Sources

- [Nvidia-backed Firmus said to close books as mega IPO struggles](https://www.businesstimes.com.sg/international/nvidia-backed-firmus-said-close-books-mega-ipo-struggles), The Business Times
- [Data centre company Firmus tries to save its mega share market float as interest underwhelms](https://www.abc.net.au/news/2026-10-08/firmus-ipo-underwhelms-before-it-hits-the-market/107241548), abc.net.au
- [Nvidia-Backed IPO's Cratering Demand Sends Warning on AI Funding](https://www.bloomberg.com/news/articles/2026-10-08/nvidia-backed-ipo-s-cratering-demand-sends-warning-on-ai-funding), Bloomberg Tech