AI infrastructure company IPO could be biggest in ASX history says portfolio manager | The Business
AI infrastructure company – Firmus Technologies – is courting investors ahead of a widely speculated IPO in October, with speculation rampant the listing could be the ASX’s biggest ever.
Wilson Asset Management holds a stake in Firmus run by co-founders Tim Rosenfield and Oliver Curtis, the latter was jailed in 2016 for an insider trading conspiracy.
WAM’s lead portfolio manager Oscar Oberg says Firmus has been hosting investor briefings in Australia and offshore ahead of releasing its formal prospectus.
“We think it (the IPO) is likely to happen towards the end of October,” he says.
Mr Oberg says while there are reports the company is looking to raise $US7 billion, WAM’s estimate of the likely market capitalisation of the company will be around $AUD 40 billion, “making it the largest IPO I think we’ve ever seen.”
When asked whether the recent listing of Elon Musk’s Space X should serve as a cautionary tale for investors with the share price at about the same level when it listed in June, Mr Oberg said investors should always be cautious, not just with IPOs.
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