(Reuters) -Aluminum products maker Novelis, owned by Indian billionaire Kumar Mangalam Birla’s Hindalco Industries, on Tuesday postponed its initial public offering citing market conditions.

“Novelis will continue to evaluate the timing of theoffering in the future,” it said in a statement, without giving further details.

The world’s largest recycler of aluminum, whose customers include Coca-Cola (NYSE:), Ford (NYSE:) and Jaguar LandRover, said last month it was targeting a valuation of up to $12.6 billion in its US IPO.

Hindalco was looking to raise up to $945 million through the sale of 45 million shares at a price of $18 to $21 per share.

Novelis declined to comment, while Hindalco did not immediately respond to a Reuters request for comment on the IPO.

Novelis was acquired in 2007 by aluminum and manufacturing company Hindalco, a unit of Indian multinational conglomerate Aditya Birla Group, headquartered in Mumbai.