Firmus Pulls $5 Billion IPO as Nscale Faces Valuation Pushback

Firmus withdrew its roughly $5 billion Australian IPO, while prospective investors are pushing back on Nscale’s roughly $30 billion proposed valuation for a U.S. listing. Firmus shelved its offering Oct. 9 after seeking an equity value of $30.6 billion. It plans to pursue private funding. Firmus cited market conditions, while investors also raised concerns about its valuation, debt needs and execution. Before the withdrawal, UniSuper Chief Investment Officer John Pearce said, “At the current valuation, it's priced to perfection.” Pearce also expected Firmus to need more debt and equity to fund its expansion. Nscale is pursuing a U.S.

Source: TokenPost