DUBAI, (Reuters) – Axiom has cancelled its initial public offering and its plans to list on NASDAQ Dubai, the company said on Monday, citing market conditions.

“While there were sufficient orders to fully cover the IPO book at the price range, primarily due to demand from high quality international investors in Europe and the U.S., there were widespread concerns about market conditions and liquidity,” a company statement said.

“The board has therefore decided to withdraw the offer at this juncture to protect current and future shareholders of Axiom,” it said, adding that plans to list on NASDAQ Dubai were also cancelled.