SEOUL Jan 31 LG Siltron Inc has withdrawn its plan for an initial public offering from South Korea's stock exchange, two sources with direct knowledge of the matter said Thursday.
"Due to the unfavourable local and overseas market conditions, we have informed the Korea Exchange that we are withdrawing our IPO plan, and have tentatively postponed plans for listing as of now," said an LG Siltron official with direct knowledge of the matter.
A Korea Exchange official confirmed LG Siltron had informed the bourse operator it is withdrawing its IPO plan.
LG Siltron, a producer of wafers used in semiconductor manufacturing, got exchange approval for an initial public offering valued at up to $258 million in October.
(Reporting by Joyce Lee)