Newsquawk Logo

PRE-MARKET AUSTRALIAN STOCKS NEWS: Firmus Technologies has pulled plans for Australia's biggest IPO in three decades amid investor doubt

Newsquawk StaffPublished
Newsquawk headlinesUTC

Every headline is on the live feed 20 minutes before this site.

Go live — 7 days for $29.99
Go live — 7 days for £24.99
Go live — 7 days for €29.99

PRE-MARKET AUSTRALIAN STOCKS NEWS: Firmus Technologies has pulled plans for Australia's biggest IPO in three decades amid investor doubt

Australia's Firmus pulls IPO, according to AFR

Warplanes target Houthi militia positions in south of Taiz, according to Taiz

On the Newsquawk feed at , 20 minutes before this page.

Use the PlatformFree. No signup, no card.

AUSTRALIA

Alkane Resources (ALK AT) - Co. Q1 gold equivalent production of 40,740oz and sales of 38,348oz, with cash, bullion and listed investments of AUD 459mln at quarter-end, while reiterating FY guidance. (Dow Jones Newsplus)

Lifestyle Communities (LIC AT) - Co. Q1 new home net sales fell 22% Y/Y to 39 and established home sales fell 12% Y/Y to 37, with slower momentum reflecting a softer property market. (Dow Jones Newsplus)

Telstra (TLS AT) - Co. has launched legal action against former senior executive John Ieraci to prevent him from participating in security and managed services product development at rival Vocus. (AFR)

West African Resources (WAF AT) - Co. should comfortably meet its FY26 production target, according to market commentary. (Dow Jones Newswires)

IPO - Firmus Technologies has pulled plans for Australia's biggest IPO in three decades amid investor doubt. (AFR)

Broker Ratings/Price Target

  • ASX (ASX AT) price target raised 1.9% to AUD 53.00/shr by Macquarie.
  • BHP Group (BHP AT) price target raised 1.6% to AUD 62.00/shr by UBS.
  • Challenger (CGF AT) price target cut 5.9% to AUD 9.60/shr by Macquarie.
  • Champion Iron (CIA AT) price target cut 1.2% to AUD 4.10/shr by UBS.
  • Fortescue (FMG AT) price target cut 0.6% to AUD 16.40/shr by UBS.
  • IGO (IGO AT) upgraded to Buy from Neutral, price target cut 3.4% to AUD 8.55/shr by UBS.
  • Mineral Resources (MIN AT) price target cut 2.7% to AUD 72.00/shr by UBS.
  • Nickel Industries (NIC AT) price target cut 4.5% to AUD 1.05/shr by UBS.
  • PLS Group (PLS AT) upgraded to Buy from Neutral, price target cut 5.4% to AUD 5.30/shr by UBS.
  • Rio Tinto (RIO AT) price target cut 2.8% to AUD 173.00/shr by UBS.
  • Sandfire Resources (SFR AT) upgraded to Neutral from Sell, price target raised 9.1% to AUD 23.30/shr by UBS.

Context

A pulled IPO of this scale sits in a well-worn pattern: large flagship listings are typically the last casualties when primary market conditions deteriorate, and their withdrawal has historically functioned as a read on institutional risk appetite rather than a verdict on the specific issuer. Episodes of this kind have tended to follow a familiar sequence, with books failing to build at the marketed range, pricing talk drifting lower, and the deal shelved rather than repriced, since issuers with alternatives to public capital usually prefer to wait. What matters next is whether the withdrawal is framed as timing or structural: prior form is that deals pulled on valuation scepticism resurface only once comparable listed names have re-rated, while those pulled on business-model doubt tend to return to private funding instead. The other slated Australian listings are the obvious follow-on tell, as a flagship cancellation has historically chilled the surrounding pipeline. Separately, the UBS round of price target cuts across diversified miners, lithium and nickel names, alongside selective upgrades, is consistent with a sector-level commodity price re-basing rather than stock-specific news, and the distinction worth drawing is between houses cutting targets on lower deck assumptions versus changing recommendations on relative value within the same complex. The Telstra action against a former executive joining a rival is standard non-compete enforcement of a kind Australian courts have dealt with regularly, material to the competitive read in enterprise services but rarely a price driver.

Related headlines

The feed had this first.

Use the Platform
Newsquawk Logo

© 2026 Newsquawk. All rights reserved.