Business · Markets · 2 hrs ago
ASX rises as MAAS shares fall after Firmus cancels planned IPO
Australia’s share market started the week higher after US stocks rose on Friday.
Technology and mining shares led the gains, while Telstra fell after US telecom stocks dropped.
MAAS Group shares fell about 10% after trading resumed, following a halt last week.
MAAS invested about $410 million in Firmus Technologies and supplies construction work through its JLE subsidiary.
Firmus cancelled plans for a proposed $44 billion IPO on Friday, which had aimed to raise up to $8 billion.
Investors are concerned about what the failed listing could mean for MAAS’s stake and its Firmus contracts, worth about $1.1 billion across the 2026 and 2027 financial years.
MAAS said it expects the work orders to be completed by the end of 2027.
The ASX started the week higher as Wall Street rebounded and investors looked ahead to earnings.
MAAS Group shares fell about 10% after the company returned from a trading halt, following Firmus Technologies’ cancellation of its planned $44 billion IPO.
MAAS had paid about $410 million for a 3.2% stake in Firmus and has a subsidiary with about $1.1 billion in Firmus work orders across FY26 and FY27.
Investors had worried the failed float could affect those construction contracts, while MAAS said it expected the work orders to be completed by the end of CY27.
- Who
- Firmus Technologies cancelled its planned IPO; MAAS Group shares fell.
- What
- The ASX rose while MAAS shares fell about 10% after the IPO cancellation.
- When
- Monday, after Firmus cancelled the IPO on Friday.
- Where
- Australia, on the Australian Securities Exchange.
- Why
- The ASX gained as Wall Street rebounded and earnings optimism built. MAAS fell amid investor concerns about the failed float’s effect on its investment and construction contracts.
Investors concerned about the failed float
MAAS Group
Effect on Firmus contracts
Investors concerned about the failed float
Investors worried the failed IPO could affect MAAS subsidiary JLE’s construction contracts.
MAAS Group
MAAS said it anticipated the work orders would be completed by the end of CY27.
anticipates these work orders to be completed by the end of CY27
Australia generally will take dim views on people taking a risk
Firmus cancelled its proposed $44 billion IPO.
MAAS shares came out of a trading halt and were down about 10% on Monday morning.
The ASX started the week higher as Wall Street rebounded.
- Firmus proposed IPO
- $44 billion
- Firmus fundraising target
- Up to $8 billion
- MAAS stake in Firmus
- 3.2%, bought for about $410 million
- JLE work orders from Firmus
- About $1.1 billion across FY26 and FY27
- MAAS shares
- Down about 10% on Monday morning
Sources
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