MAAS Group Holdings (ASX:MGH) has requested an immediate trading halt on its ordinary shares pending a material update concerning the proposed initial public offering (IPO) of Firmus and its contractual arrangements with the company, according to a Friday Australian bourse filing.

The trading halt will remain in effect until the update is released or trading resumes on Oct. 12, whichever occurs first, the filing said.

Media reports on Friday said Firmus Technologies has withdrawn its planned AU$44 billion IPO, citing market volatility and prevailing conditions. They will instead pursue private-market funding while considering alternative financing options.

The proposed float faced a poor reception from investors, prompting discussions about lowering the offer price from AU$11 a share before the listing was scrapped, the Australian Financial Review said in its report.

Investors raised concerns over Firmus's valuation and its need for further debt and equity funding to support expansion, an Australian Broadcasting Corporation report said.