The Neuer Markt, Deutsche Börse's growth segment, has been hit by its first postponement this year as Private Media Group, the Spanish adult entertainment company, pulled its listing due to market conditions.

The postponement is bad news for the German high growth market, which saw a 94% drop in issuance last year due to the fall in equity valuations in the technology, media and telecoms sector. Companies raised €1.1bn ($950m) from equity offerings in 2001 compared to €17.8bn in 2000, according to Dealogic, the investment banking research firm. The only listing of any size last year was the €296m initial public offering of Nordex, the wind energy park developer.