SILVER LINING: Despite having to halt its debut, the firm has received an injection of US$350 through a private placement, which it plans to use to expand its footprint

Taipei Times
Date: Jun 14, 2018
By: Lisa Wang  /  Staff reporter

M17 Entertainment Ltd (M17娛樂集團), which operates dating app platform 17 Media, yesterday said it has suspended its US$60 million initial public offering (IPO) plan on the New York Stock Exchange (NYSE), ending days of speculation about a flop.

The company made the announcement after it failed to secure any transactions since it rang the bell on Wall Street on Wednesday last week, prompting speculation that overpricing might stifle its debut.

The live-streaming company was given a rough ride for its debut in the US as it was forced to scale down the IPO by lowering offering price to US$8 per American depositary share (ADS).

The company’s original plan sought to trade its ADS from US$10 to US$12 each, which would have boosted its valuation to US$118 million.    [FULL  STORY]