Paktor parent M17 delays NYSE debut after falling short of fundraising target

Visuals of Paktor app. Credit: Paktor Group

Taiwan-based M17 Entertainment, the parent company of Singapore’s dating and networking app Paktor, has delayed its scheduled trading on the New York Stock Exchange (NYSE).

The company was scheduled to start trading on the bourse on Thursday but the trading day ended without any activity from the entertainment company. TechCrunch first reported the delay.

Earlier on Thursday, the live streaming operator had announced that its IPO roadshow had raised $60.1 million, lower than its original target of $115 million. M17 priced its 7.51 million American Depository Receipts (ADR) at $8 each. Each ADS represents eight Class A ordinary shares of the company

DEALSTREETASIA reached out to M17 on Friday for comment. A company official, who refused to be identified, confirmed that the “commencement of trading was delayed yesterday” but did not provide further details, citing listing regulations.

“Please note that as an SEC regulation, NYSE listed company such as M17 are restricted from interviews 30 days post listing. We will get back to you if we have more details,” the executive said.

In its filing last month, M17 Entertainment said it will use the proceeds of the planned IPO to finance the expansion of its business in Japan and other new markets.

It will also allocate funding for content development and to finance strategic merger and acquisition opportunities, although the company has not identified any targets yet.

Led by veteran media and entertainment executives, M17 Entertainment operates the largest live streaming platform by revenue in Asia, with a market share of 19.2 per cent in the first quarter of this year. It was formed in April 2017 with the merger of Singapore-based Paktor Group and Taiwan-based 17 Media, a regional live-streaming company.

The company’s main dating applications are Paktor and Goodnight.

Paktor, founded by Joseph Phua in May 2013, is a personal dating app often dubbed the “Tinder of Southeast Asia”. Since the merger with 17 Media, Paktor has expanded beyond the shores of Singapore and launched its own offline dating service, GaiGai.

Also Read:

Singapore: Dating app Paktor’s parent company M17 files for New York listing

M17 Entertainment closes $40m Series A led by Japan’s IVP

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.