Apples v oranges: The private market tricks killing IPOs

We’re constantly told the two biggest issues with tech and growth companies trying to list on the ASX are dual-class shares (banned) and fat remuneration packages not linked to performance (loathed). Firmus had neither – and yet its IPO plan perished. Why? Valuation. Firmus couldn’t get its $44 billion valuation in public markets, thinks it should be able to get something close to that in private markets or offshore and reminded us that a company worth one thing in private markets isn’t necessarily worth the same in Australia’s public markets. Subscribe to gift this article Gift articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber? Fetching latest articles