(Bloomberg) -- Moove Lubricants Holdings, a subsidiary of Brazilian conglomerate Cosan SA, delayed an initial public offering set to price Wednesday.

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Cosan confirmed the postponement in a regulatory filing, citing “adverse market conditions.” Earlier, bankers on the deal informed investors the IPO was being delayed, people familiar with the matter said, asking not to be named discussing private information. There’s no new date for the offering, one of the people said.

The Sao Paulo-based company, which counts private equity firm CVC Capital Partners Plc among its investors, was planning to raise as much as $438 million in a US IPO that would end a three-year listing drought for Brazilian companies.

In addition to helping finance acquisitions and investments, the offering was meant to allow Cosan to further reduce its heavy debt burden. The company, controlled by Brazilian billionaire Rubens Ometto, has been also mulling the sale of other assets as it seeks to allay investor concerns about deteriorating credit metrics, Bloomberg reported earlier this year.

Newspaper Valor Economico reported on the delay earlier on Wednesday.

--With assistance from Rachel Gamarski.

(Updates to add Cosan confirming delay starting in headline)

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