Firmus Technologies has pulled plans to publicly list on the Australian Securities Exchange (ASX), after its lower than expected investor interest led to cheaper projected share prices.
The company, which is behind three artificial intelligence (AI) data centres planned for the state, confirmed it had withdrawn its application to list on the ASX.
“Having considered recent market volatility and prevailing market conditions, the Board determined that the terms on which the Offer could proceed would not appropriately reflect the strength of the Company’s business and long-term growth outlook,” a company spokesperson said.
“The board therefore concluded that proceeding with the offer was not in the best interests of the company and its shareholders.
“Firmus will now pursue capital from the private markets and consider alternative public and private market options. We will provide additional information to shareholders as those options progress.”
It comes after the company anticipated a $44bn market listing, with plans to launch at $11 a share.
Greens MP Tabitha Badger said the launch failure showed the state government needed to rethink its support of the company.
“What was supposed to set the ASX on fire has ended as a financial flop, with investors seeing through the smokescreen of spin,” she said.
“In light of this major new development, its more important than ever for the Rockliff government to be transparent about all the details of agreements being made with Firmus, and to reveal much more detail about the other AI facilities being proposed for Tasmania.”
Minister Guy Barnett was asked about the decision on Friday.
“The government has an ongoing connection with Firmus, and other investors in Tasmania, that relationship is positive,” he said.
“We look forward to continuing in a positive, collaborative way.”
