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, a unit of

Cadence Design Systems


, postponed its initial public offering, which was planned for this week, citing poor market conditions.

The electronic design services company said it plans to wait until the market stabilizes and then re-evaluate its IPO timing. In July, Cadence filed a registration statement to sell up to $176 million of Tality common stock to the public.

Shares of Cadence recently traded down $1.75, or 7.1%, to $22.88.