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June 9, 2022, 10:31 a.m. EDT

Tencent-backed virtual social playground Soulgate withdraws IPO plans

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By Tomi Kilgore

Soulgate Inc., a Shanghai-based virtual social playground backed by Tencent Holdings Ltd. /zigman2/quotes/207908563/delayed TCEHY +3.86% /zigman2/quotes/204605823/delayed HK:700 +3.50% , has filed to withdraw it's plans for an initial public offering. The company did not provide a reason for the withdrawal, and just said its decision was "consistent with the public interest and protection of investors." The company had first filed an F-1 Registration Statement for the IPO on the Nasdaq on May 10. On June 17, Soulgate amended the F-1 to say it planned to offer 13.2 million American depositary shares in the IPO, which was expected to price between $13 and $15, to raise about $198.0 million. The company said the 13.2 million ADS being offered represented 19.8 Class A ordinary shares. Based on that multiple, and with 145.43 million Class A ordinary shares and 35.81 million Class B ordinary shares expected to be outstanding after the IPO, the expected pricing would have valued the company at up to about $1.8 billion. The withdrawal comes at a relatively rough time for IPO investors, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -0.48% has plunged 44.5% year to date, while the iShares MSCI China ETF /zigman2/quotes/206267952/composite MCHI +3.14% has shed 13.4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.23% has declined 13.8%.

US : U.S.: OTC
$ 39.78
+1.48 +3.86%
Volume: 3.04M
Sept. 22, 2023 3:59p
P/E Ratio
Dividend Yield
Market Cap
$379.85 billion
Rev. per Employee
HK : Hong Kong
$ 313.60
+10.60 +3.50%
Volume: 21.24M
Sept. 22, 2023 4:08p
P/E Ratio
Dividend Yield
Market Cap
$2970.80 billion
Rev. per Employee
US : U.S.: NYSE Arca
$ 30.83
-0.15 -0.48%
Volume: 16,894
Sept. 22, 2023 3:59p
US : U.S.: Nasdaq
$ 44.03
+1.34 +3.14%
Volume: 3.69M
Sept. 22, 2023 4:15p
-9.94 -0.23%
Volume: 0.00
Sept. 22, 2023 5:35p

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