‘Rug pull’ or index inclusion play? Firmus’ IPO lock-up rules in focus as its roadshow rolls on
Mumurs that Firmus will allow early investors to cash out on day one of its IPO have become the latest intensely debated subplot involving the ‘AI factory’ company.
AI infrastructure company Firmus is arguably the most intensely scrutinised stock among ASX institutional investors right now, and it hasn’t even listed on the exchange yet.
The company’s environmental credentials and energy supply deal, the colourful backstory of its co-CEO and its relationship with chip supplier Nvidia have all been debated at length. Now, as it edges closer towards its long awaited IPO, murmurs that it could allow company insiders and other early investors to sell shares on “day one” have emerged as the latest point of conjecture.
Firmus co-CEOs Oliver Curtis and Tim Rosenfield are busy progressing their non-deal roadshow, with a troupe of joint lead managers, Morgan Stanley, Bank of America, JPMorgan and Morgans, tasked with canvassing a raft of new institutions for the multi-billion-dollar float.
Citing a current Firmus investor, The Australian reported in March that there will be no escrow period enforced for pre-IPO shareholders, meaning company executives and existing investors could be allowed to sell down shares that have rocketed in value over the last few months.
