Taiwan-based M17 Entertainment, the parent company of Singapore-based dating and networking app Paktor, has officially withdrawn its initial public offering in the US, a month after suspending its debut on the New York Stock Exchange (NYSE).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