Global Market: Maas Group shares plunge 11% after Nvidia-backed Firmus scraps $5 billion IPO

Shares of Australian construction services provider Maas Group fell nearly 11% on Friday after Nvidia-backed data-centre operator Firmus withdrew its planned $5 billion initial public offering (IPO), raising concerns over the value of Maas’s investment in the company, according to a report by Reuters.

Maas shares dropped as much as 10.7% to A$4.43, their lowest level in five months, after trading resumed following a halt pending an update on Firmus’s IPO and its contracts with the data-centre operator, the report stated.