President of Beryllium Limited, Andre McLean, says the company intends to do an initial public offer within the next two years.

Speaking on Taking Stock with Kalilah Reynolds, McLean said the company is working out the offer details. 

“There are a couple of benefits from doing an IPO, and it’s not just acquiring more capital to expand. What an IPO does as well is, ensure that our governance is good, and our accounting systems are good and solid,” he said.

McLean noted that the company operates in nine countries and has ambitions to expand further.

“We do a very good job but to expand and to maintain the high demand then yes capital will be required and of course, doing an IPO gives people an opportunity to participate in the company,” the company’s President added.

He noted that the IPO preparation process can be tedious, requiring a lot of groundwork to be ready. McLean said investors can look for an IPO announcement within the next two years.

Diversifying business streams

McLean said that Beryllium will continue to operate in the cash management and transport business despite the challenges.

Beryllium security teams have been attacked multiple times since the start of the year, resulting in the loss of millions of dollars to robbers and several injured team members. 

The Beryllium boss said that the first attack in February was a shock to the entire company, and efforts have been made since then to increase security.

“Historically, we’ve really taken a lot of economic decisions versus sometimes taking on a lot more risk. In regards to the armoured vehicles, it’s not that the vehicles are not armoured it’s just that they’re not what you’re used; to the big burly trucks,” he said.

However, McLean noted that all of the company’s vehicles are armoured.

“Armouring is not based on how big the vehicle looks, it’s actually the material that is made for the armouring and in this day and age, there are different tiers of armouring because of the different Kevlars,” he explained.

McLean noted that the company has to make decisions based on the risk and on the financial side. 

“From a security level, we’ve done quite a bit of work since the threat levels increased tremendously and where we stand today is that we’ve been afforded a lot more information and support,” he added. 

The President noted that despite the challenging year, the company has no intention of leaving the industry.

“Not everybody is fit for this business and some of us are built for the stress. However, we would like it to be safe and we’d like to diversify,” he said.