A Chinese social networking app provider backed by Tencent Holdings has filed to withdraw its plans to raise $185 million in a US initial public offering (IPO), reports Nikkei Asia. Soulgate had sought to offer 13.2 million American Depository Shares at $13 to $15 apiece. It did not provide a reason for the withdrawal, saying its decision was “consistent with the public interest and protection of investors.”
It added, “The Company has determined not to proceed at this time with the proposed offering and sale of the securities proposed to be covered by the F-1 Registration Statement.”
The withdrawal comes a year after the Shanghai-based virtual social playground postponed plans to list on Nasdaq after receiving other offers to raise capital.