Ardagh, the former Irish Glass Bottle Company and now a global packaging group controlled by the Irish businessman Paul Coulson, has postponed the planned IPO or stock market flotation of its metal can division, Oressa.

In a statement, Ardagh said that while preparations for the New York flotation were almost complete, conditions in the US for IPOs were currently challenging and that it would not be wise to go to the market at this time.

The move follows the deferral of its planned IPO in New York by Irish businessman Denis O’ Brien’s Digicel last month and of other deferrals or poorer than planned returns in other flotations in recent weeks.

The flotation of Oressa, which manufactures cans for the likes of major brewers such as Heineken and Budweiser, was expected to raise about €2bn for the group and used to pay off part of its €5.3bn debts.

Meanwhile shares in the online accommodation booking company, Hostelworld, closed marginally higher at 202.75p in London last night after its first day’s trading on the London and Dublin markets.