Spectel postpones flotation

Spectel the Irish technology group announced yesterday it was postponing its flotation.

Spectel’s decision to pull out of dual listings in London and Dublin is said to be because of “extremely challenging” market conditions.

The gloom surrounding technology share performance recently was compounded by the jaded performance of Detica, the IT consultancy which last month became the first technology group to join London’s main list in a year. But since then Detica’s shares have fallen 8%.

The postponement has cast a shadow over a number of forthcoming IPO’s.

Some investors said it could lead Immarsat, the telecommunications group, and Yell, the directories group to delay their flotations.