M17 Entertainment, the Taiwanese live streaming app that owns Paktor, missed its US$115 million fundraising target and has delayed its planned IPO on the New York Stock Exchange (NYSE), according to TechCrunch.

DealStreetAsia independently confirmed the delay via a spokesperson but M17 cannot reveal any more details as it is in a 30 day quiet-period required by all companies ahead of a public listing in the US.

The company priced its shares at US$8 and raised US$60.1 million, so just over half of their IPO target.

Last month’s IPO announcement was a major win for the Southeast Asian startup economy. Even though Paktor is owned by a Taiwanese company, it is born out of Singapore so it would have represented a homegrown startup growing from nothing to a public exit.

Also Read: Deep tech on display as 21 companies pitch at InnoVEX in Taiwan

The IPO money was meant to be used to expand to Japan as well as grow its internal base of live-streaming personalities.

The company may have struggled to attract significant excitement because it is still a fairly small company that is operating at a significant loss.

M17 has 700,000 monthly active users while the dating arm of the company has 14.6 million users stretched over three brands. Despite making US$37.9 million last year, M17 operated at a loss of US$26.9 million.

Also Read: In photos, Sea goes public on New York Stock Exchange

In the IPO prospectus, M17 said its strength is its status as a top live-streaming app in developed Asia but also pointed to a struggle to retain new users and personalities as a problem faced by the company.

While the brand Paktor is well-known in Southeast Asia, the IPO prospectus report was clearly positioned towards the live-streaming product with glancing mentions of the dating services.

M17 Entertainment has 11 companies under its umbrella that are split between the dating and live-streaming themes.

Joseph Phua, who was the CEO and Co-founder of Paktor, became the Group CEO of M17 after the merger.