Maas Group Holdings Ltd (ASX: MGH) shares plunged more than 20% on Thursday after doubts were raised that data centre aspirant Firmus’ float would get off the ground.
Image source: Getty Images
Mega float might sink
Firmus has been in the market trying to get commitments for its initial public offer (IPO), which was rumoured to be priced at $11 per share, valuing the company at $43.7 billion.
But both The Australian and the Australian Financial Review are now reporting that demand for the shares is weak, and that the IPO could be pulled entirely.
This would be bad news for Maas Group, which holds a 3.2% stake in Firmus.
Maas Group Chair Stephen Bizzell recently told the company’s annual general meeting…
