Paktor parent M17 Entertainment officially withdraws US IPO

Visuals of Paktor app. Credit: Paktor Group

Taiwan-based M17 Entertainment, the parent company of Singapore-based dating and networking app Paktor, has officially withdrawn its initial public offering in the US, a month after suspending its debut on the New York Stock Exchange (NYSE).

In a statement on Friday, M17 Entertainment said it has notified the NYSE of its decision to withdraw the American depositary shares representing its ordinary shares from listing.

The press statement did not mention the reasons for M17’s decision to cancel its IPO, which had initially aimed to raise a total of $115 million. It, however, said that the move was in line with previous announcements relating to the postponement of its planned IPO.

M17 Entertainment – operator of the largest live streaming platform for developed Asia, including the markets of Taiwan, Japan, South Korea, Singapore, and Hong Kong – had filed for an IPO in the US in May.

After announcing that its IPO roadshow had raised a mere $60.1 million, the company was scheduled to start trading on the NYSE on June 7. However, the trading day ended without any activity from M17.

On June 13, the company issued a statement, citing “issues related to the settlement of American Depositary Shares (“ADSs”) by specific IPO investors” as the reason behind suspending the listing. It also announced raising $35 million in funding from its existing and new investors, including Infinity Venture Partners, Majuven, Convergence and Global Grand Capital. 

“This new round of funding will enable the company to continue to have sufficient flexibility and flexibility in its operations as a non-public offering company and continue to grow in the already developed Asian region,” the statement added. 

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 after 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”.

Also Read:

Taiwan’s live streaming platform M17 cancels IPO, raises $35m in private round

M17’s delayed NYSE debut points to live streaming industry’s sustainability woes

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.

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.