ASIC Probes Bankers Over Failed $44bn Firmus IPO

Australia’s corporate regulator is seeking information from the lead banks behind the cancelled Firmus Grid IPO after investors raised concerns about the company’s debt and asset disclosures. ASIC Chair Sarah Court described the action as targeted, ongoing inquiries, while another report characterized it as an investigation into whether bankers misrepresented investor demand; no findings of fault have been made. ASIC said it will assess the information before deciding whether further action is warranted and that the failed offering does not, by itself, indicate a broader failure of Australia’s capital markets or regulatory framework.