Hyundai Heavy Industries Group’s refining affiliate Hyundai Oilbank has withdrawn its application for an initial public offering with local bourse operator Korea Exchange, the firm said Thursday.

The decision, which was reached Wednesday, comes after a general evaluation of the recent stock market conditions and stock price trend of other refineries, according to Hyundai Oilbank.

“In the current market situation where it is difficult to be recognized properly by our excellent performance, we judged that there is no reason to push for IPO anymore,” a Hyundai Oilbank official said in a statement.

The oil refiner earned a record revenue of 20.6 trillion won ($15.7 billion) last year, up 50.5 percent on-year, and an operating profit of 1.14 trillion won, backed by rising oil demand.

But with South Korean stocks dipping over fears of a global recession, increased interest rates and economic headwinds ahead, other companies such as Hyundai Engineering and SK Shieldus that filed for an IPO this year have also backed out.

“Although we have decided not to continue with the IPO plan, we will continue to invest in future businesses such as petrochemical materials, biofuels and hydrogen and also work on improving our financial structure,” Hyundai Oilbank said.

Hyundai Oilbank filed for an initial public offering last December — the third of its kind after the refiner suspended the IPO process in 2012 and in 2019.