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Irish software company Spectel has postponed its initial public offering blaming the difficulty in the technology sector.
The company said that the indefinite postponement of its shares hitting the market was to the result of the "extremely challenging" market for technology and telecom stocks. The Irish firm had set 13 May as its IPO date in London and Dublin and the share sale was set to produce over EUR40 million in new capital.
"We will continue to actively pursue our acquisition strategy and will consider returning to the capital markets as and when market conditions improve," chief executive officer Gerard Moore said in a statement.
The Internet conferencing software firm was due to begin conditional trading on Wednesday at a price of EUR3.05 to EUR3.65 per share. These prices would have valued the firm at around EUR222 million.
update to follow
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