BrainLAB, the non-invasive surgery provider that bravely launched its initial public offering (IPO) into a reluctant Neuer Markt last month, has had to pull the €75m ($63m) deal.

The company decided with bookrunner Morgan Stanley that the shares would be in danger of falling in the aftermarket if they listed. The Nemax all-share index has fallen more than 6% since the company launched the deal on June 22.