Since the company first announced its plans for this initial public offering (IPO) the value of the Nasdaq has fallen by 9.1%.

"Its not a good time on the market. We fully expect to go public as soon as market conditions are right," said European managing director Robert Berkeley.

The firm was due to set pricing in the week beginning the 29 April, but that was moved to the 7 May. It has now moved pricing day-to-day while it waits for a suitable moment.

Berkeley said that when it would finally set a price was up to the board, underwriters and shareholders.

Printcafe still expects to complete this IPO, which is its second attempt its first attempt in June 2001 was shelved.

According to comments made by Creo chief executive Amos Michelson, Printcafe has enough cash to hand to enable it to wait three to four months to complete its IPO.

After that it will need more money through a private placement.

Creo is currently the largest shareholder, owning 37% of the issued shares. Its most recent investment was in the form of debt secured on Printcafes intellectual property.

"We believe the inherent value of the company is much higher than our debt," said Michelson. "We might consider investing in debt again under a similar programme. I guess Printcafe probably needs $4m-$5m (2.7m-3.4m), and I guess the existing investors will continue to invest in it."

Story by Barney Cox