[Featured Stock] Jieosoft Plummets Over 15%... Impact of Oasis Listing Withdrawal

[Asia Economy Reporter Son Sunhee] On the 14th, GeoSoft is experiencing a decline of over 15%. This is attributed to the announcement made the previous day by its subsidiary Oasis to withdraw its IPO.

As of 9:50 AM, GeoSoft's stock price is trading at 9,500 KRW, down 15.18% (1,700 KRW) compared to the previous session. Oasis, a fresh food subsidiary under GeoSoft, failed to attract sufficient interest from institutional investors during its recent demand forecast, leading to the decision to abandon the IPO.

Oasis stated, "We conducted a demand forecast to finalize the public offering price for common shares, but it was difficult to receive an appropriate valuation of the company's worth. With the consent of the joint lead underwriters, we are canceling the remaining schedule and submitting a withdrawal report."

GeoSoft holds a majority stake of 55.17% in Oasis, making it the largest shareholder. Earlier this year, news of Oasis pursuing an IPO caused its stock price to surge nearly 30%, but the eventual cancellation has led to a sharp decline in the stock price.