Nvidia-Backed Firmus Scraps Australian IPO, Citing Market Conditions

SYDNEY—Nvidia-backed cloud-computing company Firmus Grid scrapped plans for what would have been Australia’s largest initial public offering in almost 30 years, citing market conditions.

The seven-year-old company, which had been looking to raise $5 billion at a market capitalization of $30.6 billion, said Friday that it withdrew its application to list on the Australian Securities Exchange due to “recent market volatility and prevailing market conditions”.