Speaking on CNBC TV in the US, Irish businessman Denis O’Brien has said he will try to float his mobile telecommunications company, Digicel again within a year.

He said the current market volatility which the company highlighted as the reason for its decision on Tuesday night to pull Digicel’s planned IPO, “would settle down within three to six months.”

The proceeds from the flotation had been earmarked to pay down up to €1.3bn in debt and for investment of up to €400m in new cable, TV and business data acquisitions.

Mr O’Brien insisted yesterday that Digicel still had adequate funding to implement this expansion plan.

"We decided, if we don't hit our price target we're not going to sell our shares," he said - adding, "why would you sell at a discount?"

He also said that jitters in emerging markets had influenced Digicel's decision.

Meanwhile, according to Bloomberg, the price of most Digicel bonds fell in the wake of the decision to cancel the IPO, implying the company will need to get out soon to reassure the holders of up to $6.5bn in bonds about its ongoing business strategy.