Kurly Corp. the operator of South Korean e-grocery platform Market Kurly, said Wednesday it will postpone the initial public offering (IPO) originally planned for early this year, due to harsh market conditions.

“We decided to push back our planned IPO with the Korea Exchange (KRX), considering the contracting investor confidence amid global economic uncertainties,” the company said in a statement.

“Kurly will resume our public listing at an optimal moment when the company can be fully valuated for its worth.”

Kurly received preliminary approval for its public listing in August last year.

The e-grocery giant originally sought to complete its public listing in the second half of 2022, but the review process had been delayed amid worries over its “unstable” ownership structure in which its founder has a small stake, along with continuing losses from its business.

The company reportedly promised in its IPO plan that its financial holders will maintain their stakes in the company for a certain period after the KOSPI debut.

Founded in December 2014, Kurly has appealed to customers by providing early morning deliveries of fresh food through its e-grocery platform, Market Kurly.

The company has been expanding business to other areas, such as cosmetics, ahead of its market debut originally planned for last year.

Following its decision, Kurly will have to undergo a preliminary review again should it hope to push ahead with the public listing again in the future.

Various companies had withdrawn their IPO plans last year due to harsh market conditions.

CJ Olive Young, South Korea’s largest health and beauty store operator, refinery Hyundai Oil Bank Co. and SK shieldus, a securities subsidiary of SK Group, also gave up their IPO plans in 2022.

The story was originally published on Korea Bizwire.