Story perspectives

Firmus Withdraws $7.1B ASX IPO After Market Volatility

By Drooid · Oct 10, 2026, 10:10 PM UTC · How we work

Summary

Story summary

Firmus withdrew its planned ASX IPO, ending a $30-plus-billion listing attempt.
The company said market volatility and conditions made the terms mis-reflect its business strength.
The IPO would price shares at A$11, target up to A$7.1 billion and value Firmus at A$43.7 billion.
Investors such as UniSuper balked at the price, noting only 46 MW of a 912 MW pipeline is built.

History

Historical Context

During the September 2008 collapse of Lehman Brothers, global markets plunged—the Dow lost 18.2 % in a week and the U.S. Congress passed the $700 billion Emergency Economic Stabilization Act on Oct 3; on Oct 24 worldwide indices fell about 10 %. The turmoil forced many IPOs off major exchanges, a backdrop to Firmus’s A$43.7 billion ASX listing withdrawal.

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Story summary

Firmus withdrew its planned ASX IPO, ending a $30-plus-billion listing attempt.
The company said market volatility and conditions made the terms mis-reflect its business strength.
The IPO would price shares at A$11, target up to A$7.1 billion and value Firmus at A$43.7 billion.
Investors such as UniSuper balked at the price, noting only 46 MW of a 912 MW pipeline is built.

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