CANBERA (dpa-AFX) - Australian artificial intelligence infrastructure company Firmus Technologies has scrapped its plans to list on Australia's stock market, expressing concerns over 'recent market volatility and prevailing market conditions,' according to reports.
Firmus, known as a 'neocloud' AI factory developer, reportedly said its board of directors have decided that the IPO terms did not adequately 'reflect the strength of its business and long-term growth outlook.'
'Firmus has decided to withdraw its application to list on the ASX. Firmus will now pursue capital from the private markets and consider alternative public and private market options,' the company said in a media statement Friday.
Firmus had reportedly announced plans for an IPO, offering shares at $11 to raise about $7 billion.
The AI data center company raised billions of dollars and hoped to make a mega debut on Australian Securities Exchange that valued the company at more than $30 billion.
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