[Courtesy of CGV]
SEOUL -- The Vietnam subsidiary of CJ CGV, a cinema franchise of South Korea's food and entertainment conglomerate CJ, canceled its planned initial public offering due to lower demand by institutional investors than its target price.
CJ CGV Vietnam Holdings, the largest cinema operator in Vietnam, originally planned to raise up to 132 billion won ($118 million) by listing 5.7 million shares on the local stock exchange. The parent company said in a statement that demand was below its hope price.
The IPO was aimed at raising capital for debt repayment and to expand CJ CGV's presence in Southeast Asia. Investors in South Korea and other Asian countries have been cautious amid lingering concerns over global trade disputes.
The share price of CJ CGV was down 4.05 percent at 39,100 won in early morning trading on Wednesday. CJ CGV operates thousands of screens worldwide, led by its "ScreenX" cinema platform that provides a 270-degree viewing angle.
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