Key facts
- Australia's corporate regulator is investigating IPO bankers.
- The probe concerns information provided to institutional and wholesale investors.
- Firmus shelved its $5 billion IPO on October 9.
- Bank of America, JPMorgan, Morgan Stanley and Morgans were joint lead managers.
Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), is investigating the bankers involved in the initial public offering of Firmus, a data centre operator backed by Nvidia. The probe, reported by The Australian, focuses on the accuracy of information provided to institutional and wholesale investors during the marketing and book-building process. Firmus shelved its planned $5 billion IPO on October 9, citing a preference for alternative fundraising options. ASIC chair Sarah Court confirmed the regulator's inquiries in a letter to Liberal Senator Dave Sharma. The IPO's lead managers included Bank of America, JPMorgan, Morgan Stanley, and Australian broker Morgans.