Adventure Learning withdraws IPO

Perth-based Adventure Learning Channel Worldwide Ltd will look to private equity investors for capital after withdrawing its initial public offer due to adverse market conditions.

The company, which launched its IPO in May, had originally planned to raise $3.5 million but lowered the target to $2.5 million in July with plans to list on the Australian Securities Exchange in August.

However on its website ALCW said it had withdrawn its IPO, which was offering shares at 20 cents each, and investors in the offer will have their funds returned.

"The Company is currently seeking private equity investors to realise its future projects," ALCW said.

ALCW aims to provide educational content across television, internet and mobile based platforms, including subject areas such as English as a second language.

The company also has offices in China and Singapore.