The online auto classifieds firm said unfavourable equity market conditions led to the decision to withdraw the unit's application.

South Korean auto marketplace had filed the application for an IPO in late September, in a bid to elevate its local appeal. Australian firm CAR Group expanded its operations to South Korea, taking full control of the joint venture in 2017.

Elevated interest rates and ongoing geopolitical uncertainty have resulted in a halt in public listings of companies in the Asia Pacific region.

(Reporting by Archishma Iyer in Bengaluru; Editing by Pooja Desai)