Australia's Maas Group tumbles 30% after reports Firmus may revise terms of likely $5 billion IPO

MAAS group

08/10/2026 02:51

Oct 8 (Reuters) - Shares of Australia's Maas Group MGH.AX fell 30% on Thursday and were headed for a record daily drop after reports that AI infrastructure firm Firmus plans to change the terms of its highly anticipated $5 billion IPO.
Here are some more details:
Real estate firm Maas has a 3.2% stake in Nvidia NVDA.O-backed Firmus, which counts OpenAI as an anchor customer
Firmus is preparing for what could be Australia's second-largest IPO, with an equity valuation of $30.6 billion
Reports earlier this week said Firmus could reduce its IPO price from A$11 per share after demand from overseas investors fell short of expectations
Shares of Maas plunged as much as 30.1% to A$4.47, hitting their lowest level since May 6 
In early August, the property developer pledged an additional A$300 million ($208.77 million) to Firmus through ordinary and preference shares priced at A$230 apiece, increasing its stake in the data centre operator to 3.2%
The proposed listing, if completed, would rank as Australia's largest IPO in nearly three decades and the second-biggest on record after Telstra's roughly $10 billion float in 1997 
It will provide a key test of investor appetite for companies building the infrastructure underpinning the AI boom
($1 = 1.4370 Australian dollars)

 (Reporting by Aamir Shaik Khalid in Bengaluru; Editing by Subhranshu Sahu)
 ((Aamir.SheikKhalid@thomsonreuters.com;))