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"I witnessed people who have fled conflict but not hunger," said Rania Dagesh, the WFP's assistant executive director for partnerships and innovation, after visiting camps in Renk and Malakal, South Sudan, earlier this month.

Several European firms, including DKV Mobility, German gearbox supplier Renk and France's Planisware, have recently scrapped plans to go public citing market conditions, while automakers including Tesla have warned of slowing EV growth.

However, the fate of Renk highlights the challenges facing new issuers, exacerbated by a recent bout of volatility in equity and debt markets.

Renk in a statement on Wednesday evening cited a "clouded" market environment for its decision to pull its planned listing, which sought a valuation of up to 1.8 billion euros.

To be sure, some bankers were sceptical about whether Renk would draw a large following, given investors' preference for large, liquid stocks and the fact it operates in a niche area of the defence industry.