The Neuer Markt has witnessesd its first new issue casualty of the year, as Ubis, a German software company, cancelled its initial public offering citing difficult market conditions.

Ubis, which was set to be the first new issuer on Frankfurt's high growth market, instead has become its first fatality. The company, which was due to float on the Neuer Markt in a fortnight's time, said on Wednesday it was cancelling its IPO because of the state of the market.