Maas Group’s shares have plummeted by 45 per cent following the spectacular collapse of data centre developer Firmus’s highly anticipated initial public offering (IPO) last week. The Dubbo-based contractor, which had significantly linked its business strategy to Firmus, saw its stock fall to its lowest level since April 2025, closing at $3.67 on Tuesday. This substantial sell-off occurred despite Maas Group’s efforts to buy back approximately $35.6 million worth of shares, representing about 2.15 per cent of its total shares, in recent trading days.
The market’s apprehension stems from Maas Group’s deep financial and operational entanglement with Firmus. Firmus is a data centre developer, specialising in building critical digital infrastructure. Maas Group not only holds a 3.2 per cent equity stake in Firmus but had also anticipated deriving up to 60 per cent of its revenue from the developer, a strategic pivot after divesting its construction materials business in February. While Maas Group continues to deliver electrical infrastructure contracts for Firmus’s data centres, only $373 million of the $1.1 billion in work orders has been paid, creating a significant funding gap. Firmus withdrew its $44 billion IPO after international investor demand waned and is now reportedly seeking private funding.
Despite the sharp decline, many fund managers remain wary of Maas Group’s stock. Investors, including Bell Asset Management’s James Nguyen, anticipate further “hate-selling” and are not increasing holdings, even as shares approach fair value. Concerns were amplified by a bearish Jefferies research report, which downgraded Maas shares to “hold” and cut future earnings forecasts due to potential delays in Firmus’s developments. Other investors, such as Hayden Beamish, Ron Shamgar, and Phillip Li, are either exiting or awaiting clarity on Firmus’s ability to secure pipeline funding, noting that “cheap isn’t a thesis on its own” without clear answers on future orders.
