Bis Industries Defers Ipo
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Bis Industries, a leading provider of innovative logistics services to the Australian resources and mining sector in production phase (“Bis Industries” or “the Company”), announced today it has deferred the launch of an initial public offering of shares in the Company.
Bis Industries has recently been exploring the possibility of an IPO, however the Company has elected not to proceed with the IPO at this point in time given the unfavourable sentiment towards the resources and mining sectors in Australia.
Bis Industries Chief Executive Officer, Ian Lynass, said while the Company received strong interest from potential investors both locally and overseas, the decision not to proceed with the IPO was driven by broader market concerns about the resources sector and companies associated with the sector. This is despite Bis Industries operating solely in the production phase of the commodities project cycle in Australia, with ongoing growth in production volumes of commodities such as iron ore and coal expected.
“The feedback I have had from investors is that, whilst they acknowledge that Bis Industries is a high quality business with a strong and attractive market position, the current negative sentiment around resources expenditure is impacting on all companies exposed to the sector,” Mr Lynass said.
“Given Bis Industries' focus on the production phase logistics, our operations continue to perform in line with expectations and we remain positive on our growth prospects. However, we recognise investor sentiment is not currently conducive to an IPO and therefore have elected to not proceed at this time.”
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