TV portal and video-on-demand company Yes TV has postponed its initial public offering for the second time, blaming adverse market conditions in the technology, media and telecoms sectors.

The hiccup, which follows a postponement in April, is being attributed to the market's aggressive stance against technology companies. Close to 15 per cent of value was wiped off the FTSE Techmark 100 - an index of small and medium-sized technology stocks - in the aftermath of e-tailer Boo.com's slide into liquidation last Wednesday.

Despite cutting the offer price by 30 per cent last week, Yes's flotation plans have been left beached by pull-outs from nervous institutional investors. Concurrent plans by Warner Brothers and Walt Disney's Buena Vista to take 10 per cent and nine per cent stakes respectively have also been put on hold.

Steve Garvey, head of marketing at Yes, said: "Throughout this entire process we have been marketing into a savage bear market - and we just got clobbered.

"I challenge anyone to get another high-technology flotation out there at the moment."

The flotation would have valued Yes at £560m and raised £134m for the development of the company's UK and international services.

Currently, Yes has hundreds rather than millions of viewers through two pilot schemes, but is planning a nationwide roll out of the service with BT this autumn. The company also has deals with independent film distributor u>direct, BBC Worldwide and Trans World International on its books.

Meanwhile, internet bank Egg plans to press ahead with its flotation. Founder and chief executive Mike Harris has given the plans the go-ahead partly so that share options can be offered to in-demand key personnel. As much as 10 per cent of the £1bn plus offer will be set aside for some 100 staff.

See also:

Egg scrambles for flotation

UK insurance giant Prudential has decided to press ahead with the flotation of Egg, in the face of a depressed technology market that has already seen three hi-tech companies drop similar plans at the last minute.  25 May 2000

Dotcoms: the beginning of the end?

The demise of a number of internet startups has sent shockwaves throughout the European stock markets, with many analysts now warning that this is only the start of consolidation in the dotcom industry.  25 May 2000

Stock dive hits more IPOs

Television web portal Yes TV has become the latest victim of the recent heavy share falls on the US and European stock markets.  17 Apr 2000

TV web portal enters video on demand arena

Television web portal Yes TV has signed a distribution agreement that will enable it to enter the broadband video on demand market.  11 Apr 2000

UK pay-TV company attracts Hollywood cash

UK pay-TV company Yes Television is to get cash injections from two Hollywood based studios.  04 Apr 2000

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