Software company AppDynamics Inc. is postponing its planned December initial public offering due to uncertainty following the U.S. presidential election, according to people familiar with the matter.

The company had planned to sell shares on the Nasdaq exchange during the third week of December after having filed confidentially with the Securities and Exchange Commission earlier this year, the people said. But it recently opted to delay the listing until at least January after Donald Trump’s unexpected presidential victory over Hillary Clinton earlier this month, they added.

U.S. stocks have risen sharply since Mr. Trump’s election on expectations of faster growth, particularly in the manufacturing sector. But technology stocks that were seen as winners in a slow-growing economy largely have lagged behind the rally.

AppDynamics’s software helps companies monitor the performance of their networked applications. The IPO is expected to value the company between $2 billion and $3 billion, according to people familiar with the deal.

AppDynamics’s move takes yet another listing off the 2016 calendar. Even as stocks touch all-time highs, IPO volume is on track to reach lows not seen since the financial crisis.