Maas Group Holdings falls nearly 11% after Firmus cancels IPO
Business
Maas Group Holdings took a nearly 11% hit on Friday after Firmus, the NVIDIA-backed data center company, called off its $5 billion IPO.
The stock slid to a five-month low as investors worried about what this means for Maas's 3.2% stake in Firmus and its JLE Group electrical infrastructure business.
Firmus seeks private funding alternatives
Firmus dropped its IPO plans because of market volatility and is now seeking private funding and exploring alternative public and private capital-raising options.
Even so, Maas says all contracts with Firmus are still active, and JLE Group continues supplying tech for Firmus's AI projects.
Despite earlier market losses, Maas expects to finish A$1.1 billion in work orders by 2027, keeping its outlook steady for now.