Vietnam-based internet startup VNG Ltd. has decided to postpone its plans for a US initial public offering, Bloomberg reported on Friday, quoting a person familiar with the matter.

VNG was advised to hold off until market demand improves, said the person. The news came after mixed performances by a trio of newly public companies this month, the report added.

The IPO could be postponed until next year. A representative for VNG declined to comment, Bloomberg added.

The Vietnamese company’s listing postponement also comes after another Vietnam-based firm VinFast Auto Ltd.’s dramatic arrival in the US market, which saw the electric vehicle maker’s shares surge 504 percent over six days in the aftermath of its merger with a blank-check firm. Shares have later erased much of the surge.

Bloomberg added that VNG’s decision follows Arm Holdings Plc, the semiconductor designer owned by SoftBank Group Corp., and grocery delivery company Instacart both briefly falling below their IPO prices. Marketing and data automation software provider Klaviyo Inc., the best-performing of September’s three major New York listings, was only 12 percent above its offer price on Thursday after rising as much as 32% in its trading debut on Wednesday.

Formerly known as Vinagame, VNG had its start in 2004 as a game publisher, developing and publishing its own titles as well as local versions of international hits. It has gradually expanded to a wide range of services, such as music sharing, video streaming, messaging, a news portal and mobile payments. It has been exploring going public in the US since at least 2017.

VNG had planned to sell about 22 million shares but hadn’t disclosed a price range yet for the IPO.

VNG said in a statement last month that VNG Ltd has filed a Form F-1 registration statement with the United States Securities and Exchange Commission last month. VNG Ltd intends to list its Class A ordinary shares on the NASDAQ Global Select Market through an IPO under the symbol “VNG”.

“The Form F-1 registration statement is subject to completion and has not yet been declared effective by the SEC,” VNG said.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and BofA Securities, Inc. will act as underwriters of the IPO. The size and price range for the potential offering have yet to be determined.

Founded in 2004, VNG, also Vietnam’s first tech unicorn, has evolved from a five-person start-up into the largest homegrown digital ecosystem in Vietnam with products and services ingrained in users’ daily lives. VNG is, according to Newzoo, the number one mobile games publisher in Vietnam looking to expand globally and, according to F&S, operates the number one messaging application, Zalo, in Vietnam, with 75 million monthly active users.

Headquartered in Ho Chi Minh City, the company’s other flagship products include Zing MP3 (the number one music streaming platform in Vietnam, according to F&S, with more than 28 million monthly active users), and ZaloPay (the fastest growing mobile payment application in Vietnam, according to F&S).

Vietnamese internet firm VNG seeks $150 million in US listing – report