Business & Finance
Firmus Fiasco Wipes Out $700 Million of Early Backer Maas’ Value
Key Points
Firmus Fiasco Wipes Out $700 Million of Early Backer Maas’ Value Maas Group Holdings Ltd. has lost more than A$1 billion ($699 million) in market value as Firmus Grid Ltd.’s initial public offering unraveled, with the shares extending their decline to a fifth day after Jefferies Financial Group Inc. downgraded its rating. Shares of the Australian construction company dropped as much as 14% Monday, taking their five-day decline to 42%. Analysts at Jefferies cut their recommendation on the...
Firmus Fiasco Wipes Out $700 Million of Early Backer Maas’ Value
Maas Group Holdings Ltd. has lost more than A$1 billion ($699 million) in market value as Firmus Grid Ltd.’s initial public offering unraveled, with the shares extending their decline to a fifth day after Jefferies Financial Group Inc. downgraded its rating.
Shares of the Australian construction company dropped as much as 14% Monday, taking their five-day decline to 42%. Analysts at Jefferies cut their recommendation on the stock to hold from buy and lowered earnings forecasts, citing heightened uncertainty from the failed Firmus IPO.