Internet security firm nCipher has defiantly set its face against the strong downwind in UK technology stocks, pricing the shares in its initial public offering at the top end of the range.

Shares in nCipher, which is due to list on the London Stock Exchange on Thursday, were priced at 275p, right at the top of the 235p to 275p indicative range. This, despite widespread IPO cancellations and postponements among technology companies across Europe, and amid awesome volatility in the Continent's markets.