CJ CGV Vietnam cancels its IPO on weak demand

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CJ CGV Vietnam cancels its IPO on weak demand

CJ CGV Vietnam Holdings has canceled its initial public offering (IPO) in Vietnam as a survey indicates it will be difficult for the company to meet its fund-raising target due to low demand for the shares, the parent company said Tuesday.

The holding company originally planned to raise 107.99 to 131.99 billion won ($96 - $117 million) by listing 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 and Hanwha Investment & Securities were to be lead managers of the IPO.

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