Skrill, the online payments provider, has pulled its planned London listing completely just hours after announcing it would cut the size of it down.
The company waited until after the FTSE closed to announce the change of plan. It blamed poor and volatile market conditions for the decision on a day in which the FTSE lost nearly 100 points over concerns about global economic growth.
"The IPO (initial public offer) was due to price this week, but the selling shareholders and Skrill management have decided not to proceed with the offer at this juncture due to adverse IPO market conditions," Skrill said in a statement.
Skrill, which had already delayed its plans to list from last year, was offering its shares at 235 to 335 pence each.
Skrill, which has more than 15 million registered users and mainly operates in Europe, had already cut the size of its planned London listing to £30m from an originally planned £80m, its bookrunner said.
Jefferies and Morgan Stanley were running the offer, along with Bank of America Merrill Lynch.