FL Selenia, the Italian lubricants manufacturer, has postponed its initial public offering (IPO) for a second time, reflecting the current low level of investor demand for new issues.

Selenia, which is majority owned by Doughty Hanson, the private equity firm, had originally intended to float in July 2002 but postponed its offering by a month. Despite this second postponement it is understood that the company still intends to find an IPO date later this year.