Australian mining services company Bis Industries Ltd. on Wednesday said that it has called off its planned initial public offering. Reuters in a report said that the decision to defer the float came in the face of poor sentiment around the mining and resources sector.

Bis Industries is owned by American multinational private equity firm KKR & Co. LP. KKR had been seeking to raise up to AUD500 million (USD456 million) in the IPO, the report said. The deal could give the Australian logistics business a valuation of AUD 1 billion should it push through. KKR had been aiming to list Bis Industries before the year ends, Reuters said. 

According to the Wall Street Journal (WSJ), Goldman Sachs, Bank of America Merill Lynch and UBS AG were due to manage the IPO. The investment banks led an over AUD900 million debt refinancing syndicate for Bis Industries last year. 

Bis Industries was created in 2006 following KKR's takeover of Brambles Industrial Services and Cleanaway Australia for AUD1.38 billion, WSJ said.