🇦🇺Data-center developer Firmus shelved its IPO and will withdraw its Australian Securities Exchange listing application, pursuing private funding.

Firmus Grid Ltd., described in the supplied reporting as an Australian data-center company backed by NVIDIA, has shelved its initial public offering (IPO). A Telegram report quoting a company statement says Firmus will withdraw its Australian Securities Exchange listing application; the statement was reported before Sydney trading on October 9, while the message was timestamped October 8 UTC.

The board attributed its decision to recent market volatility and prevailing market conditions. It said the terms on which the offering could proceed would not appropriately reflect the company’s business strength and long-term growth prospects; that assessment is management’s stated rationale, not an independently established valuation conclusion.

Firmus said it would seek funding from private markets while considering other public- and private-market alternatives. The supplied sources do not identify a completed replacement financing, its size, valuation, investors, or dilution terms.