Firmus pulls its $7.2 billion IPO
Summary
SBS On The Money examines the spectacular withdrawal of AI firm Firmus's $7 billion IPO, which would have been Australia's second-largest ever. Host Ricardo Gonsalves speaks with Dat Capital's CIO Emmanuel Dat about why investors rejected the valuation, citing a 3x markup over recent private rounds and negative publicity surrounding one of its CEOs. The discussion explores whether this signals a broader cooling of the AI trade and analyzes the ASX's resilience amid rising global interest rates and geopolitical tensions. Dat also highlights opportunities in undervalued Australian small caps …
Topics discussed
SBS advertising and show introduction
Firmus withdraws $7 billion IPO
Firmus background and CEO history
Investor reaction to Firmus valuation
Missing prospectus and lack of disclosure
Reasons for the IPO withdrawal
Impact on the broader AI trade
Smarter ways to invest in AI
Firmus future listing options
Is the withdrawal a loss for the ASX?
ASX 200 market performance update
Investor sentiment on rates and war
Opportunities in Australian small caps
Sign-off and disclaimer
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