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ASIC probes whether Firmus IPO advisers had a reasonable basis for demand claims
ASIC is examining whether Firmus IPO advisers had a reasonable basis for their investor demand claims.
Key points
- ASIC is assessing whether there was any wrongdoing or deceptive behaviour linked to the Firmus listing.
- The regulator will also decide whether to launch a formal investigation into the matter.
- The inquiries centre on what investment banks and stockbrokers said about investor demand for the IPO.
Why it matters. The outcome could determine whether the advisers on Firmus's abandoned ASX listing face a formal investigation over their statements about investor demand.
The corporate regulator, ASIC, is making inquiries into the abandoned ASX listing of neocloud Firmus, focusing on whether the investment banks and stockbrokers running the initial public offering had grounds for what they said about investor demand. The inquiries will also assess whether any wrongdoing or deceptive behaviour occurred. Based on that work, ASIC will decide whether to open a formal investigation.
Latest updates
ASIC probes whether Firmus IPO advisers had a reasonable basis for demand claims
The Australian Securities and Investments Commission is investigating the abandoned ASX initial public offering of neocloud company Firmus. Its inquiries center on whether the investment banks and stockbrokers running the offer had a reasonable basis for what they told investors about demand. Reports about how much indicative demand existed have varied and conflicted with one another. Few updates were sent to investors when demand fell away. ASIC is assessing whether any wrongdoing or misconduct occurred, and its findings have not yet been released.