MAAS Group slides further after Firmus IPO cancellation, hits six-month low
MAAS Group slides further after Firmus IPO cancellation, hits six-month low
MAAS Group (ASX:MGH) shares slid to a more than six-month low on Monday, extending last week's sharp selloff after AI data centre operator Firmus cancelled its planned $5 billion IPO.
The cancellation has heightened uncertainty over MAAS Group's A$410 million investment in Firmus and the A$1.1 billion in orders its electrical infrastructure unit holds from the data centre operator.
MAAS Group shares fell 11.2% to A$4.11 in intraday trading, touching their lowest level since April 2, while the S&P/ASX All Australian 200 index rose 0.6% to around 8,754 points. The stock was trading at the bottom of its session range of A$4.11 to A$4.50 with unusual trading volume.
The latest decline follows a 22.4% plunge on Thursday and a further 6.7% drop on Friday, extending a sharp selloff triggered by uncertainty over Firmus's proposed listing.
Firmus, which is backed by Nvidia, withdrew the planned IPO on Friday, citing market volatility and prevailing market conditions, and said it would pursue private-market funding instead.
The cancellation removes a potential public-market valuation benchmark and liquidity pathway for MAAS Group's 3.2% stake in Firmus.
The company has invested a total of A$410 million in the data centre operator, leaving investors reassessing the value of that holding following the failed listing.
Concerns also extend to the group's commercial exposure. MAAS Group's JLE Group electrical infrastructure unit has about A$1.1 billion in orders from Firmus for electrical infrastructure and modular power equipment for its planned AI data centres across fiscal 2026 and fiscal 2027.
MAAS Group said on Friday that the existing contracts remained in place, that it had received A$373 million in payments under the arrangements and that it expected the contracted work to be completed by the end of 2027.
However, the IPO's collapse has increased scrutiny of Firmus's funding prospects and the risks to MAAS Group if the data centre operator struggles to finance its expansion.