Gensat, the French satellite telecoms operator, has become the latest victim of the technology crash and pulled its proposed initial public offering on the Seconde Marche in Paris and on Nasdaq.

The company, which is based in Marseilles in southern France, had planned to launch a dual listing in the first quarter of this year, and is understood to have been looking to raise between€25m ($23.31m) and €50m. However, with stiff competition for telecoms and technology deals this year, and the collapse in confidence in alternative telecoms carriers, the company is now planning to return to its existing backers for more funding.