A proposed IPO for South Korea-based auto marketplace Encar has been postponed due to “equity market conditions not being favorable,” according to Car Group, its owner.

Australia-based Car Group (formerly Carsales.com Ltd) owns several other auto marketplaces, including Carsales in Australia, Trader Interactive in the U.S., ChileAutos in Chile and WebMotors in Brazil.

Car Group announced on Thursday Dec 28 that Encarsales.com Ltd. — the parent company of Encar — “has after careful consideration decided to withdraw the eligibility review application it had lodged with the Korea Stock Exchange in September.”

The application was a formal notification that the company was considering an IPO.

“The decision … was made due to equity market conditions not being favorable or supportive of a listing,” the Car Group news release said.

“Car Group remains a committed long-term owner of the Encar business and is excited about the ongoing growth opportunities it has in a large and highly attractive Korean automotive market.”

Encar’s rivals include domestic market leader K Car, AutoBell, Lotte Rental and ChexCar.

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