Corrected: UPDATE 2-Firmus investor Maas falls after AI data centre operator pulls blockbuster IPO plan

MAAS group

09/10/2026 06:32

Corrects IPO value in paragraph 1 to $5 billion from A$5 billion
Maas shares fall as much as 10.7% to a five-month low
Firmus withdraws listing application, cites market volatility
Maas owns 3.2% of Firmus and supplies its AI factory projects
Unit holds A$1.1 bln in Firmus work orders through fiscal 2027
By Kumar Tanishk and Rajasik Mukherjee
Oct 9 (Reuters) - Maas Group's MGH.AX shares closed more than 6% lower on Friday after Nvidia NVDA.O-backed Firmus scrapped its $5 billion IPO plan, raising concerns over the value of Maas's stake in the data centre operator and contract exposure.
The scrapped listing removed a potential public market benchmark and liquidity pathway for Maas's 3.2% stake in Firmus, while drawing investor scrutiny to JLE Group, the Australian construction services provider's electrical infrastructure unit.
"The real risk is correlation. If Firmus's funding falters, both MGH's investment and JLE's order book could come under pressure," said Hersh Oberoi, global research director at Balfour Capital Group.
The stock fell as much as 10.7% to a five-month low after trading resumed from a halt pending an update on Firmus's initial public offering and related contracts.
Oberoi said the repricing looked broadly reasonable because investors were losing an expected valuation uplift rather than facing an immediate cash hit, adding that the stake should be judged against its last private funding round, adjusted for illiquidity.
Firmus withdrew its listing application on Friday, saying market volatility and conditions would not fairly reflect its business strength and long-term growth prospects.
JLE is delivering modular Power Cubes and related electrical work under orders worth about A$1.1 billion ($768.13 million) across fiscal 2026 and 2027.
Maas said it had received A$373 million in payments and expected the work to be completed by the end of 2027.    
     
IPO WITHDRAWAL SPARKS MAAS SHARE REPRICING
Maas shares slumped 22.4% on Thursday after reports that Firmus was reconsidering the offer. The stock has now shed 32% over the past week, wiping nearly A$788 million from its market value.
     
     
Firmus had planned to price its shares at A$11 each, valuing the company's equity at about A$30.6 billion, nearly triple its A$10.5 billion valuation from an August funding round.
The withdrawn float, which would have been Australia's second-largest IPO on record, underscores investor caution toward highly valued AI infrastructure firms with aggressive expansion plans and significant funding requirements.
     
     
($1 = 1.4320 Australian dollars)

 (Reporting by Rajasik Mukherjee and Kumar Tanishk in Bengaluru; Editing by Subhranshu Sahu)
 ((Tanishk.Kumar@thomsonreuters.com , X: @thatstanishk;Rajasik.Mukherjee@thomsonreuters.com;))