Digicel announced yesterday that they have pulled out of a planned stock market debut in New York.

They claim that despite significant support for the IPO from a high quality group of investors during the marketing period, current conditions, particularly in emerging markets, have impacted transaction momentum over recent days.

Some commentators have predicted that the flotation could have been worth a potential $2 billion.

The decision was made less than 72 hours before its shares were due to begin trading in New York.

Chairman at Digicel, Denis O’Brien commented, "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."

Source: www.businessworld.ie