Maas Group Holdings (ASX:MGH) said it continues to deliver on contracts with Firmus Grid after the data center operator, which is backed by Maas Group, lost its appetite for a planned initial public offering in Australia, according to a Friday filing with the Australian bourse.

Firmus cited market volatility and prevailing conditions in its decision to withdraw from the planned listing.

Earlier this year, Maas Group acquired about 1.1 million ordinary shares and as many preference shares in Firmus at an average historical cost of about AU$188 per share.

Maas Group unit JLE Group received work orders from Firmus totaling about AU$1.1 billion during fiscal 2026 and fiscal 2027 so far. The company has received payments of AU$373 million against this work, and expects the orders to be completed by the end of 2027, it said.