Silicone Maker Postpones Offering

LONDON -- Nitol Solar, a Russian maker of silicon used in solar panels, postponed its initial public offering because of "market conditions," becoming the latest company to withdraw or delay a share sale this year.

The company said last month that it aimed to raise as much ask ?150 million ($295 million) in the offering and had hired Citigroup and Credit Suisse Group to coordinate the sale.

Nitol Solar announced the postponement in a statement Thursday from the London Stock Exchange, where it intended to list its shares, without giving a new date for the sale.

Nitol Solar joins fashion brand Tommy Hilfiger and Denmark's Dong Energy A/S, an oil company, in pulling an IPO this year.

Russian companies raised $33 billion last year in IPOs and secondary stock offerings, according to UralSib. Nitol Solar planned to use the offering to finance its growth strategy, it said in a Jan. 31 statement.