Chinese social networking app Soulgate completes $185 million IPO

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By Tom Zanki (June 9, 2022, 7:04 p.m. EDT) — Chinese social media app Soulgate Inc. officially withdrew a stalled $185 million initial public offering on Thursday, according to a regulatory filing, represented by Skadden Arps Slate Meagher & Flom LLP and the underwriters advise Davis Polk & Wardwell LLP.

The withdrawal of Shanghai-based Soulgate follows a year of inactivity for its IPO. The company told regulators in June 2021 that it planned to sell 13.2 million shares at a price between $13 and $15, raising $185 million mid-term, but never completed the sale. offer.

“The Company has decided not to proceed with the proposed offering and sale of the securities offered to…

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