AirTrunk

Recent AI market volatility and local resistance has thrown a wrench into many Australian data center operators' plans to go public.

AirTrunk and Goodman Group have put their holds on hold, while Firmis canceled its IPO, which would've been Australia's second largest on record.

Meanwhile, Singapore-based D1 Data Centers is reportedly weighing a US listing that is around half of what the firm was looking for at first.

You can watch the full report on CNA's YouTube page right now.

Bloomberg reports the Singapore-based Day One data centres has been waiting for the right window to launch its American IPO, but now it's considering either delaying the share sale or going ahead with a smaller initial public offering, which would raise about half the capital it was originally aiming for.

The decision by day one comes after data centre builder Airtrunk postponed its IPO until next year and South Korean company Elise lost 32% in value on its first day of trading yesterday on the South Korean stock market.

Let's get across today's market moves with Ingrid Willinge.

Ingrid, it was a pretty flat day for the ASX.

Uh, guys, this is on top of Firmus, who had the IPO flop, Endscale, whose IPO is on life support after Microsoft pulled out of one of their data centers.

AirTrunk saw their IPO flop.

Elise, another data center f- operator from South Korea saw their IPO sell off 35% on the first day.

And of course, CoreWeave, whose debt has been selling off along with their stock.

Elise saw its stock plunge 32% on its trading debut in Seoul, underscoring the worries about whether the AI boom can justify the billions being poured into the industry.

The IPO was priced at the top of the marketed range, with the retail tranche 400 times subscribed.

But a sharp retreat in sentiment toward the AI sector has derailed that and also other planned listings.

The Indonesia Stock Exchange said it will remove companies with highly concentrated ownership from the calculation of the benchmark index following a meeting between exchange officials and MSCI representatives on Monday.

The Jakarta Composite Index rose 5.7%, clawing back some of a roughly 15% two-day plunge that was its steepest since 1989.

The market turmoil is putting pressure on Bank Indonesia to raise interest rates when it meets later today.

Jio Platforms, an Indian telecoms giant backed by Meta and Google, opened orders on Monday for what is set to be India's biggest ever IPO.

Jio is owned and controlled by Reliance Industries, India's largest conglomerate, which is chaired and controlled by Mukesh Ambani, India's second richest man.

Beyond OpenAI pushing into next year, Anthropic, there's questions around if they will get out.

But really, just in the last couple of weeks alone, AirTrunk, a big REIT in Australia, was planning to go public on the Singapore stock and change.

They pulled that.

They shelved it.

Meanwhile, a small Korean AI data center from Elise did a small IPO but set the tone for the whole market after it fell thirty percent on its trading debut on Tuesday, according to CNBC, which added that US stock futures were also giving up some of their overnight optimism following a bounce back for AI stocks on Monday.

A negative close for CoreWeave as well as elevated yields on Oracle debt exposed persistent credit concerns in the AI trade, CNBC reported, adding that other data center firms have canceled their IPO plans, including NVIDIA-backed Firmus, Blackstone-backed AirTrunk, and SoftBank Unit SB Energy.

[outro music] India's smartphone shipments fell about twenty-six percent year on year to about thirty-five million units for the third quarter.

That's July to September of calendar year '26, marking its sharpest decline since two thousand and sixteen, according to data from Omdia quoted by Business Standard.

Corweave's shares have more than halved since their May peak.

People familiar with the matter have said Airtrunk is delaying a planned IPO of a REIT, while Bloomberg News reported that Enskill is facing pushback over its target IPO valuation.

But founded in 2015, Alice began as a coding education platform before pivoting to AI cloud infrastructure, supplying servers, liquid-cooled chips, cloud and networking equipment and software.

The company has since developed a modular data center platform with high-density power systems and advanced liquid cooling designed for high-performance AI chip clusters.

And it does fall in line with just a number of these fresh concerns over the course of the last month or so.

I mean, you had Australia's Firmus and Airtrunk that have delayed public offerings.

Some of these were pretty familiar, but others, honestly, I don't follow these that closely.

I don't think most people do.