The country's top portal operator Naver Corp. has decided against listing its Japan-based affiliate Line Corp. in the U.S. and Japanese stock market this year, the company said on Monday.
In a regulatory filing, Naver said that while it is still considering the overseas IPO of Line, which operates a popular messaging application of the same name, it has yet to reach a conclusion.
It added that it will issue a regulatory filing within six months when further progress is made.
"We considered an IPO as part of Line's growth strategy but reached the conclusion that this is not the best period (for such a move)," the company said.
The announcement comes two months after the Internet giant said it is considering listing the affiliate in overseas stock markets.
Analysts had projected the IPO to take place by end-year as the messaging app is gaining popularity among smartphone users around the world.
Line, launched in June 2011, provides services in 17 different languages in more than 230 countries worldwide.