Firmus, an AI-focused data center operator backed by Nvidia, has decided to delay its planned initial public offering (IPO) and is now considering raising private capital instead. The company had been targeting up to $5.5 billion through the IPO, which could have been one of Australia’s largest listings since Telstra. While order-taking for the IPO closed as scheduled, Firmus and its advisors are now exploring options to reduce the size of the offering and lower the per-share price. The firm is in talks with existing investors and other parties to secure the needed funding.
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