Barminco defers $600m IPO

Underground mining contractor Barminco has deferred the launch of its $600 million-plus initial public offering due to volatile market conditions.

Barminco was seeking between $2.10 and $2.52 per share in what would have been one of the largest share offerings in Australia this year.

A mid-range share price of $2.31 would have raised around $623 million.

"Barminco has been exploring the possibility of an IPO following the announcement of a strategic review of the company in February this year; however the company has elected to temporarily defer the IPO until more stable market conditions exist," the company said in a statement released today.

Barminco chief executive Neil Warburton said the company remained financially robust and earnings for financial 2011 would exceed expectations.

He said financial 2012 would see further strong revenue and earnings growth for the company.