Australian AI data center operator Firmus, backed by NVIDIA Corporation (NVDA.US), said it has withdrawn its planned large-scale IPO owing to market volatility and market conditions. In an emailed statement to CNBC, the company said its board believed the proposed offering terms did not adequately reflect its business strength and long-term growth prospects.

Firmus said that the board therefore believes that proceeding with the offering is not in the best interests of the company and its shareholders. The company added that it will seek private market funding and consider other public and private market alternatives.

Firmus had reportedly planned to raise USD5 billion in the IPO at a price of AUD11 per share, which would have become Australia's second-largest IPO on record. The IPO would have valued the company at approximately USD30.6 billion.
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AASTOCKS Financial News
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