Why Firmus float hangs in the balance | The Business | ABC NEWS

By ABC News (Australia)

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Fund manager and co-founder of Ten Cap Jun Bei Liu says it is unclear if the listing on October 23 will proceed. "We are still to yet hear whether the IPO is going ahead," she said. The bookbuild for the float closed today. Investment banks have stopped taking bids for the initial public offering and will now determine what price the company lists on the Australian Securities Exchange. It was initially expected the price would be set at $11 a share valuing the company at close to $44 billion. "Now it seems the price of $8.30 or even lower has been talked about;" Jun Bei Liu told The Business. She says Ten Cap is not investing in Firmus because "with this business, they are asking for too much faith and too much money upfront for something that they have yet to prove to be built ... Firmus is probably one of the most polarising IPOs I have ever seen." Firmus is not currently listed on the ASX 'upcoming floats and listings' webpage. #ABCBusiness Subscribe: http://ab.co/1svxLVE

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