Beijing Tong Ren Tang Healthcare Investment, a provider of healthcare services based on traditional Chinese medicine, postponed its Hong Kong initial public offering (IPO) on Friday, citing “prevailing market conditions” and other factors.

The company was one of six trading debuts slated for Monday, including an exchange-traded fund (ETF) and firms involved in AI and robotics.

The firm had aimed to raise up to HK$897.7 million (US$115 million) by offering 108.15 million shares at between HK$7.30 and HK$8.30 each.

Retail and institutional investors who submitted applications for the company’s shares would receive full refunds by March 30, according to a filing with the Hong Kong stock exchange.

Investor demand had been tepid, with the public tranche 4.85 times oversubscribed, according to data compiled by broker Futu. About 10 per cent of the offering was earmarked for retail investors, with the remainder allocated to institutional investors.

“Its public tranche drew relatively lukewarm demand compared with other IPOs in the market,” said Mike Leung Kit-man, director of Wocom Securities. “The management likely weighed the weak subscription, recent market volatility and the risk of a poor post-listing performance before deciding to pull the deal.”

The company cleared its listing hearing in the latter part of last year but waited months before launching the offer. It only moved ahead recently as the financial data in its application neared expiry, Leung added.