Firmus $5 billion IPO failure deals blow to Australia's shrinking share market
EWA•Firmus withdrew plans for a $5 billion IPO, citing market volatility and conditions, and said it would pursue private fundraising instead. The withdrawal is a setback for Australia's ASX, which had 1,891 listed companies in September 2026, down from 2,066 in 2016.
1. IPO plans withdrawn
Nvidia-backed data centre operator Firmus withdrew its planned $5 billion IPO on Friday, citing market volatility and conditions, and said it would pursue a private fundraising round instead. The offering would have been the ASX's second-largest IPO on record, behind Telstra's $10 billion flotation in 1997.
2. A shrinking market
Investors said the withdrawal is a blow to Australia's capital markets, where the benchmark share index is heavily skewed toward the Big Four banks and large mining companies. Australia's new share sales totaled $1.37 billion in the first nine months of 2026, while the ASX had 1,891 listed companies in September, down from 2,066 in 2016.
3. Investor reaction
Oscar Oberg of Wilson Asset Management, which has invested in Firmus since last year, said the failed listing was disappointing and that a new offering would have been good for the market. Jamie Hannah of VanEck Australia said the IPO's failure was a blow to market diversity; he cited the market's concentration in financials and materials.
