Updated version 2 – Reports indicate that Firmus is considering adjustments to its $5 billion IPO plan, causing the stock price of Australia’s Maas Group to plunge.
路透社2026/10/08 06:06Code for media reports has been modified; analyst comments have been added in points 4 and 5, and the closing share price has been updated. Kumar Tanishk/Aamir Khalid, Reuters, October 8 – On Thursday, Maas Group (MGH.AX), an Australian construction services provider, saw its share price plunge 30%, marking the biggest intraday drop on record. This followed reports that Firmus, an AI company backed by Nvidia (NVDA.O), was considering changing the terms of its highly anticipated 5.0 billions USD initial public offering (IPO). The stock at one point fell to a low of AUD 4.47, its lowest level since May 6, and ended the session down 22.4%. The company’s market capitalization evaporated by about AUD 517 millions (359.52 millions USD). More details: - Maas holds a 3.2% stake in this data center operator, after injecting an additional AUD 300 millions by subscribing for ordinary and preferred shares at AUD 230 per share in early August (link). - Maas stated in exchange filings that speculation on whether the IPO would proceed as scheduled had put pressure on market sentiment, adding that the company was unaware of any undisclosed information that could explain the transaction. - Firmus counts OpenAI as a key customer and is preparing for what would be the second-largest IPO in Australian history (link). Earlier this week, reports emerged that Firmus might cut its offering price from AUD 11 per share. - “This sell-off reflects a rational downward adjustment of the intrinsic value of Maas’ holding in Firmus, but the scale of the drop seems overdone,” said Emanuel Ajay Datt, Managing Director at Datt Group. - Datt said if Firmus reduced its offering price from AUD 11 to AUD 9 per share, the value of Maas’ holding would fall by about AUD 75 millions, but he added that this loss was limited compared with the day’s drop in the company’s market capitalization. - If the listing succeeds, it will mark the largest IPO in Australia in nearly thirty years, second only to the almost 10 billions AUD public offering of Telstra’s TLS.AX unit in 1997, Australia’s top telecom operator. - Prior to Thursday’s share crash, Maas Group’s share price had risen about 44% over the past 12 months, as investors were optimistic about its links to AI-driven data center construction projects. - Firmus has not yet responded to Reuters’ request for comment. (1 USD = 1.4380 AUD) (For the convenience of non-native English speakers, Reuters automatically translates its articles into several other languages. Due to possible errors or missing context in automated translations, Reuters does not guarantee the accuracy of the translated text and provides them solely for readers' convenience. Reuters assumes no responsibility for any damages or losses arising from the use of automated translations.)
Revised media report code; added analyst commentary in points 4 and 5, and updated closing share price
Kumar Tanishk/Aamir Khalid
Reuters, October 8 - On Thursday, shares of Australian construction services provider Maas Group (MGH.AX) plummeted 30%, marking an all-time high intraday drop, after reports that NVIDIA (NVDA.O)-backed artificial intelligence company Firmus was considering changes to the terms of its highly anticipated 5 billion USD initial public offering (IPO).
The stock fell as low as 4.47 AUD during the session, the lowest level since May 6, and closed down 22.4%. The company’s market capitalization shrank by about 517 million AUD (359.52 million USD).
More details:
Maas holds a 3.2% stake in the data centre operator, after injecting an additional 300 million AUD in early August through the purchase of ordinary and preference shares at 230 AUD each (link)
Maas stated in exchange filings that speculation about whether the IPO would proceed as scheduled had created pressure on market sentiment, adding that the company was not aware of any undisclosed information that could explain the transaction situation
Firmus lists OpenAI as a major client and is preparing for what would be Australia’s second-largest IPO on record (link). Earlier this week, reports suggested the company may cut its issue price from 11 AUD per share
“This sell-off reflects a reasonable re-rating of the intrinsic value of its stake in Firmus, but the decline is somewhat overdone,” said Emanuel Ajay Datt, managing director of Datt Group
Datt said that if Firmus reduces its offer price from 11 AUD to 9 AUD, the value of Maas’ stake would drop by about 75 million AUD, but he added that compared to the day’s decline in the company’s market capitalization, this loss was limited
If this listing succeeds, it will be the largest IPO in Australia in nearly three decades, second only to top telecom operator Telstra’s TLS.AX approximately 10 billion USD IPO in 1997
Prior to Thursday’s share price plunge, Maas Group’s shares had risen about 44% in the past 12 months as investors were optimistic about its connection to AI-driven data centre construction projects
Firmus has not yet responded to Reuters’ request for comment
(1 USD = 1.4380 AUD)
(To facilitate non-native English speakers, Reuters provides automated translations of its reports into several other languages. Because automated translation may contain errors or may not capture the intended context, Reuters does not guarantee the accuracy of automated translation texts and provides them only for reader convenience. Reuters will not be liable for any damages or losses caused by the use of the automated translation function.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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