Mining services firm Bis Industries Ltd, owned by KKR & Co, has called off a planned A$500 million ($456 million) IPO, underscoring the grim prospects for Australia's resource sector in an otherwise buoyant market for stock offerings.The decision by KKR comes after investors hammered the shares of mining and energy services firms following several profit warnings over the past few weeks due to the poor outlook for new projects and exploration spending as demand for resources moderates.In contrast, Australian companies have so far this year raised $2.4 billion through initial public offerings (IPOs), more than double the volume for all of 2012, according to Thomson Reuters data."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," Bis Industries Chief Executive Ian Lynass said in a statement.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI remained unchanged at $37.50. In the past year, the shares have traded as low as $26.95 and as high as $38.73. On average, 862143 shares of TRI exchange hands on a given day and today's volume is recorded at 0.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 1.46% or $-0.58/share to $39.28. In the past year, the shares have traded as low as $26.84 and as high as $40.61. On average, 944080 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 1294543.
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