The Euronext exchange and a software firm preparing a listing have got themselves into a tangle over exchange rules, resulting in a further delay to the company's initial public offering.

Altitude Software, the Portugal-based systems developer, had been hoping to launch its listing at the beginning of next week on Euronext, the recently launched stock market formed out of the merger between the Amsterdam, Paris and Brussels exchanges. However, Altitude will now see its IPO delayed by a further day after the exchange said a share subscription period set by the company was not long enough.