C&C Group PLC has shelved its plans to float on the Dublin and London stock exchanges.
The Irish drinks and snacks firm, formerly known as Cantrell & Cochrane, was hoping to raise €500 million, but cancelled the IPO in a terse one line statement.
"In the light of current equity market conditions, the board of directors of C&C has decided to withdraw the initial public offering of the company," it said.
Market turmoil triggered by the high profile failures of Enron and latterly, WorldCom and Xerox has put the skids under the new issues markets.
At the same time institutions drained of cash poured into the tech and telecoms sectors are being selective about the investments they make.
C&C, which owns brands such as Bulmer's, Ballygowan, Tullamore Dew whiskey and Tayto, intended to list on Wednesday.
The company had planned to price its shares at between €2.60 euros and €3.60. It would have been the State's biggest flotation since 1999.
PA/AFP
