Australia's CAR Group unit withdraws application for South Korean IPO (updated)

CAR

26/12/2023 22:00

(Adds details on IPO withdrawal in paragraph 2, context in
paragraphs 3, 4)
       Dec 27 (Reuters) - Australia's CAR Group  CAR.AX  said
on Wednesday that its unit Encarsales.com is withdrawing its
eligibility review application with the Korea Stock Exchange for
an initial public offering.
    The online auto classifieds firm said unfavourable equity
market conditions led to the decision to withdraw the unit's
application. 
    South Korean auto marketplace Encarsales.com had filed the
application for an IPO in late September, in a bid to elevate
its local appeal. Australian firm CAR Group expanded its
operations to South Korea, taking full control of the
Encarsales.com joint venture in 2017. 
        Elevated interest rates and ongoing geopolitical
uncertainty have resulted 
    in a halt in public listings
     of companies in the Asia Pacific region.
  

 (Reporting by Archishma Iyer in Bengaluru; Editing by Pooja
Desai)
 ((Archishma.Iyer@thomsonreuters.com;))