Australia's corporate regulator reportedly probes Firmus IPO bankers
BAC•Australia's corporate regulator is reportedly making targeted inquiries into bankers who led data centre operator Firmus' shelved $5 billion IPO. The A$11-per-share offering was withdrawn on October 9 after investor concerns about the firm's debt and track record.
1. Regulator makes inquiries
Australian Securities and Investments Commission chair Sarah Court said the regulator is "making targeted inquiries of the joint leader managers" of Firmus' IPO in a response to a letter from Liberal Senator Dave Sharma. Court also said the regulator was aware of questions about the accuracy of information provided to institutional and wholesale investors during marketing and book-building.
2. IPO was shelved
The $5 billion IPO was shelved on October 9, and Firmus said it was pursuing alternative fundraising options, including private-market capital. Bank of America, JPMorgan, Morgan Stanley and Australian broker Morgans led the book-building. Bank of America declined to comment; the other banks and Morgans did not immediately respond.
