Israeli advertising tech firm Matomy Media Group has decided against listing shares on London’s premium market after finding  there was a lack of interest from European investors.

Matomy, which was aiming to raise £300 million for its platform that helps advertisers market products through video, email and apps, called off the float yesterday as it could not meet listing rules that require it to attract at least quarter of investors from the European Economic Area.

The company may now consider going public in New York, where there is thought to be a larger appetite from US investors.

Matomy chief executive Ofer Druker said: “This is a technical setback, which although disappointing, will not stop us striving to achieve our ambition to become one of the world’s leading performance-based marketing companies.”

The company added that the negative share price performance and volatility in the advertising tech sector over recent weeks were additional factors. 

Matomy, which becomes London’s first listing failure in the latest IPO frenzy, was expected to price shares at between 305p and 390p, implying a valuation of between £284 million and £346 million.

The firm is unable to take advantage of the London Stock Exchange's new High Growth Segment, which has a lower free float requirement of 10 percent, as this is only available to UK-based companies.

Just Eat became the first "tech" company to list on the high growth segment when it issued its shares on the new segment yesterday.