CJ CGV Vietnam Holdings cancels IPO plan due to low demand

November 6, 2018

SEOUL, Nov. 6 (Yonhap) — CJ CGV Vietnam Holdings Co. has canceled its initial public offering (IPO) plan in Vietnam as a survey showed it will be hard pressed to meet its fund-raising target due to low demand for its shares, its parent company here said Tuesday.

The holding company originally planned to raise 107.99 billion won-131.99 billion won (US$96 million-$117 million) by listing its 5.7 million shares on the local stock exchange, CJ CGV said in a statement.

CJ CGV holds an 80 percent stake in CJ CGV Vietnam Holdings, with the remaining 20 percent held by a Vietnamese partner.

Shinhan Investment Corp. and Hanwha Investment & Securities Co. were lead managers of the IPO plan.