South Korea's Hyundai Oilbank withdraws its IPO plan

SEOUL :South Korean refiner Hyundai Oilbank said on Thursday it has withdrawn its initial public offering (IPO) plan.

The refiner decided to withdraw its plan to list considering the difficulty of receiving a proper valuation for the company due to the recent deterioration of the stock market and other conditions, its parent HD Hyundai Co Ltd said in a regulatory filing.

It was Hyundai Oilbank's third listing attempt, after it pulled previous plans for an IPO in 2012 and 2018 due to market conditions.

Amid market uncertainties, South Korean builder Hyundai Engineering Co Ltd, part of Hyundai Motor Group, withdrew its planned IPO in January.