App Firm Is Second SK Square Unit to Withdraw a Seoul IPO in May

One Store Co., the South Korean app operator that’s a unit of SK Square Co., withdrew its plan to raise as much as 277.7 billion won ($218 million) through an initial public offering in Seoul, according to a regulatory filing.

The company said in the statement that it was difficult to obtain the proper valuation for the offering. One Store and shareholders had been taking orders for about 6.7 million shares until May 10, after initially delaying the book-building process by two weeks.