Yell flotation is off

Alright then, "FLOTATION IS OFF"...

The flotation of online directory service Yell has been called off. It had been hoped the flotation, expected to raise around £2bn, was going to signal a major return for the new economy, but current market conditions have forced a rethink on the part of its owners, Hicks Muse Tate & Furst and Apax Partners & Co, who bought the service from BT last year. The Yell flotation was expected to be launched sometime in the next week, with the application period for shares closing on 3 July. A date for a rescheduled flotation has not been announced. DIY firm Focus Wickes has also shelved its IPO, expected to raise around £1bn. However, clothing retailer Burberry is continuing with its own flotation.