Australia's Maas Group slumps nearly 10% after Firmus pulls plug on IPO plan

MAAS group

12/10/2026 01:22

Updates
** Shares of Australia's Maas Group MGH.AX fall as much as 9.9% to A$4.170, hitting their lowest since April 10
** MGH fell more than 30% last week, and shed 6.6% on Friday
** Construction services provider owns 3.2% stake in Nvidia NVDA.O-backed data centre operator Firmus, which has shelved its $5 billion listing plan
** MGH acquired 1.1 mln ordinary shares and 1.1 mln preference shares of Firmus at an average historical cost of A$188 per share during CY26
** Stock on track for fifth straight session of declines
** "Firmus IPO failure is a highly impactful event for MGH" - Jefferies
** Brokerage takes "conservative view" and cuts target price to A$4.85 from A$7
** Jefferies also lowers rating to "hold" from "buy"
** Stock down over 20% this year, including the day's move

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))