Denis O'Brien, Digicel founder and chairman, said that his board made the right decision to pull the company's initial public offering on Tuesday.



"We're very happy that we pulled the IPO and we'll come back to the market in time, and when the market conditions are right for our business," he told CNBC's "Squawk on the Street" Wednesday.

The Caribbean telecommunications company that sponsors sprinter Usain Bolt and the West Indies cricket team, announced on Tuesday that it had decided to withdraw its plans to go public for now, citing "current conditions, particularly in emerging markets."



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It is owned by Irish billionaire O'Brien and was expected to make as much as $2 billion from its U.S. IPO. Digicel operates different businesses including mobile phone, fixed line and cable TV in the Caribbean, Central America and the Pacific Islands. It has about $2.8 billion in revenue, said O'Brien.

He said that volatility, especially in emerging markets, discouraged him from pursuing the public option at this time. "We're not backed by private equity, it's all owned by myself and my colleagues so we didn't need to do an IPO at any time; it was opportunistic from our point of view," he said. "We'll come back and we don't need any funding at the moment. It's a great feeling not to need any funding."