Data centre operator Firmus pulls blockbuster ASX float after lacklustre demand

Key points

• AI data centre company Firmus has withdrawn its application to list on the ASX, scrapping one of Australia's biggest planned share market floats. The company cited recent market volatility and said the offer would not properly reflect its long-term growth prospects.
• It will now seek private market funding while considering other options. Investors reportedly pulled back over the high sale price of $11 a share and concerns about an AI bubble.
• UniSuper's chief investment officer said the company has a compelling story but not a compelling valuation, while Morningstar raised concerns about its heavy debt.