SM Line has put its initial public offering on hold, citing lack of demand from institutional investors.
The Korean carrier, founded five years ago around the same time Hanjin Shipping collapsed, had been looking to raise around $722m from the listing in Seoul.
“We have completed all the preparations for the IPO, however, rather than rushing to list, we decided to dispel market concerns and re-launch the IPO at an appropriate time,” SM Line stated.
Finding an appropriate time to list will be difficult as 2021 has marked an all time high for containerline profits, with many analysts suggesting the market has now plateaued.
