Electronic materials producer Monocrystal said Friday that it had enough cash to fund business plans for 2010-11 and might revive IPO plans at a later date.
"We are able to finance growth plans from internal sources. … We may consider returning to the equity market when conditions become more favorable," chief executive Oleg Kachalov said in a statement.
The company, which Reuters reported had pulled a $284 million IPO late Thursday, could not get a high enough price from potential investors during recent talks, a source familiar with the matter said.
"Pricing was one of the factors. … The company doesn't badly need cash," the source said.
He added that U.S.-listed peer Rubicon had suffered a share price decline in recent weeks that may have affected investor sentiment.
Shares in Nasdaq-listed Rubicon are down about 20 percent in the past month.
Russian companies waiting to launch IPOs have sprung into life in recent weeks in an attempt to get their floats away, although Monocrystal's retreat may send jitters though the market.
Monocrystal, which makes synthetic sapphire for energy-saving products such as solar cells, had planned to sell 10 million new shares and 3.5 million belonging to controlling shareholder Energomera.
Monocrystal on Oct. 4 announced a price range of $15 to $21 per share for its listing on the ruble-denominated MICEX and dollar-based RTS exchanges, making the offer worth as much as $284 million.