Vietnamese tech unicorn the VNG Corporation has decided to withdraw its initial public offering (IPO) registration in the US, as indicated in a statement filed with the US Securities and Exchange Commission (SEC) dated January 19.

According to the Registration Withdrawal Request from VNG on the SEC’s website, “the Company has determined not to conduct a registered offering at this time and intends to file a new registration statement in the future. The registration statement has not been declared effective by the Commission, and the Company confirms that no securities have been or will be issued or sold pursuant to the registration statement.”

“The Company acknowledges that no refund will be made for fees paid to the Commission in connection with the filing of the registration statement but requests that, in accordance with Rule 457 (p) under the Securities Act, all fees paid to the Commission in connection with the filing of the registration statement be credited for future use.”

A representative from VNG told VET that the company has no comment on the matter at this time.

VNG submitted a registration statement to the SEC on August 24 last year, setting the stage for VNG Limited to offer Class A ordinary shares to the public through an IPO on Nasdaq with the ticker “VNG”.

Established in 2004, VNG has transformed from a small startup into Vietnam’s largest digital ecosystem, offering a range of products and services that have become integral to users’ daily lives. It has been recognized as Vietnam’s leading mobile games publisher by Newzoo, and also operates Zalo, the country’s top messaging app, with a base of 75 million active users monthly, as reported by F&S. VNG first indicated an intention to list in the US around 2017. An IPO would have made it the first Vietnamese tech company to list in the country.