Australia's ASIC looks into why NVIDIA-backed Firmus's $5B IPO failed
Business
Australia's corporate watchdog, ASIC, is digging into what went wrong with Firmus's massive IPO attempt.
The AI data center company, backed by NVIDIA, tried to raise $5 billion and planned to value the company at $30.6 billion, but the deal fizzled out because investors weren't interested.
If it had worked, this would've been Australia's second-biggest IPO ever.
ASIC chair: No formal investigation yet
ASIC Chair Sarah Court says there isn't a formal investigation yet, but they're talking with the lead banks (Bank of America, JPMorgan, Morgan Stanley, and brokerage Morgans) to figure out what happened.
She mentioned they're especially focused on issues flagged in the media and want to get a clear picture before deciding next steps.
The banks haven't commented so far.