Digicel last night cancelled what would have been the second biggest flotation on the New York Stock Exchange this year.
The decision from the Denis O'Brien-owned telecoms group came just 72 hours before shares were due to begin trading.
Reports last night suggested that despite significant support for the IPO from a high quality group of investors, market conditions had impacted the transaction's momentum.
The deal was reported to be worth around US$2bn (€1.77bn).
Digicel Chairman Denis O'Brien said: "Given our growth outlook, an IPO for Digicel was optional and predicated on achieving fair value for the company. Recent volatility in equity markets has seen a number of IPOs listing at a discount to their signalled price range and this was a less attractive route for us".
"Digicel is now at a key juncture in our growth story following a $1.5 billion investment programme over the past three years; we generate strong and growing free cash flow and we have no material debt maturities until 2021".
"Our growth plans remain unchanged and we remain in a strong position to exploit areas of interest in: Data, Business Solutions, Cable TV and Broadband".
Business reporter with The Irish Times, Ciaran Hancock, says it looked like the share price was not going to be high enough to satisfy the group:
