German computer chip wafers producer X-Fab Semiconductor Foundries cancelled a planned initial public offering Wednesday, citing difficult market conditions, according to the Associated Press. The Erfurt-based company's stock market debut had been set for Friday and would have been Germany's first IPO for more than a year. Many analysts, however, had concerns about X-Fab's business and said the issue was priced too high. Chief executive Hans-Jürgen Straub said the decision would not affect the company's production or jobs in its three plants. Besides its German headquarters, X-Fab has plants in Plymouth, England, and Lubbock, Texas. It employs more than 1,000 people worldwide.