Votorantim Cimentos SA withdrew plans for its multibillion dollar initial public offering on Monday citing poor market conditions.

Votorantim had postponed its IPO plans in July, saying at the time that it would try again in September. However, it has deffered the option once again.

"The IPO continues to be the company's plan and we will continue to monitor the evolution of the capital market conditions to be able to resume the offer,"  Lorival Luz, Votorantim Chief Financial Officer, said.

Brazil’s largest cement producer was planning to raise up to BRL10.26bn (US$4.53bn) from the IPO, in what would have been one of the largest primary listings this year.

Morgan Stanley, JP Morgan, Itau BBA, Credit Suisse and BTG Pactual were set to be the joint bookrunners on the deal.