French software company Planisware has postponed its planned initial public offering on Euronext Paris indefinitely, the company said in a statement.
The company said it had postponed its IPO, which was due to close on Wednesday morning, due to "challenging market conditions".
Pierre Demonsant, the company's co-founder and chairman, said in a statement: "The market environment has deteriorated recently, prompting investors to be extremely cautious.
"With our shareholders and all our employees mobilized at our side, we have chosen to postpone our planned IPO. We remain resolutely committed to pursuing our objectives and continuing our history of growth and value creation.”
He said that the level of interest from investors had been "consistently" encouraging, but did not specify a future date for the proposed listing.
Planisware's stock market debut was expected to be the largest IPO on the Euronext Paris in two years.
The company was expected to debut on the stock exchange for a price of 16 euros (US$16.97) per share, according to reports that cited the bookrunner.
That price was at the lower end of its pricing range, which was between 16 to 18 euros per share on a valuation of 1.11 billion euros to 1.25 billion euros, according to a statement released by the company last week.
Planisware said last week that it sought to list on the Euronext to “strengthen” its position in strategic markets and raise market visibility.
The software company offers project portfolio management tools to companies such as Société Générale, Airbus, Philips, Ford and Pfizer.