Business · Companies · 1 hr ago
Sharon AI presses ahead with planned Australian sharemarket listing
Sharon AI is still planning an ASX listing despite rival Firmus abandoning a proposed share sale.
Sharon AI is a US-listed provider of computing power for AI, using hardware hosted at existing data centres rather than building its own.
Co-founder and chief executive James Manning has said he wants Australian retail investors to be able to invest in the company.
Sharon listed on the Nasdaq in February, and its shares later rose before falling; its latest quarterly results showed revenue of US$1.9 million and contract value of US$8.8 billion.
The company’s planned local listing comes as interest in AI infrastructure is high, but Sharon has not disclosed a listing timeline.
Manning has said rapid growth makes it difficult to finalise the prospectus, and the company has not said when it will be ready.
Sharon AI says it is pressing ahead with plans to list on the Australian Securities Exchange, despite rival Firmus abandoning a planned float.
The company has not disclosed when it expects to list.
Sharon listed on Nasdaq in February under the ticker Shaz, at US$30 a share.
Its shares rose as high as US$92.70 in June before falling to US$37.93.
Chief executive James Manning has said rapid business growth has made it difficult to finalise a prospectus.
- Who
- Sharon AI, a company co-founded by chief executive James Manning.
- What
- It is pressing ahead with plans for a local sharemarket listing.
- When
- The company has not disclosed the planned timing.
- Where
- On the Australian Securities Exchange.
- Why
- Manning has said the company wants Australian retail investors to be able to benefit from the artificial intelligence boom.
This story does not have two clearly opposing sides.
Sharon AI listed on Nasdaq under the ticker Shaz at US$30 a share.
Sharon AI shares reached a high of US$92.70.
Manning said rapid business growth was making it difficult to finalise a prospectus for an ASX listing.
A company spokeswoman confirmed Sharon AI was pressing ahead with a local float but did not disclose a timeline.
- Nasdaq listing
- February, under ticker Shaz
- Nasdaq listing price
- US$30 a share
- Share-price high
- US$92.70 in June
- Share price later fell to
- US$37.93
- Planned ASX listing timing
- Not disclosed
What people are saying
The greatest problem I have is a business that continues to grow so quickly
We are kind of just trying to find a steady state where we can finalise and launch the prospectus.
(We’re a) victim of our own success in some ways.