TechBloomberg Tech1h ago
Firmus Fiasco Wipes Out $700 Million of Early Backer Maas’ Value
TL;DRMaas Group lost $700M in value after Firmus Grid's failed IPO and analyst downgrade.
Why it matters: Shows how dependent clean-tech investors are on IPO momentum; signals broader market skepticism of grid tech startups.
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.
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