Clarios International Inc., the car battery maker backed by Brookfield Asset Management Inc., has postponed an initial public offering that was scheduled for Thursday, according to people familiar with the matter.

The IPO, which was planned to raise as much as US$1.8 billion, was delayed indefinitely because of market conditions, the people said, asking not to be identified because the information was private.

The Milwaukee-based company had offered 88.1 million shares for US$17 to US$21 apiece. At the top end of that range, it would have been valued at US$10.7 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.

A representative for Clarios couldn’t immediately be reached for comment. A spokesperson for Brookfield declined to comment.

The move coincides with the year’s record-breaking U.S. IPO spree losing some of its momentum. Since Jan. 31, 690 companies have raised more than US$229 billion in listings, according to data compiled by Bloomberg.

Robinhood Markets Inc. on Wednesday priced its IPO at the bottom of a marketed range to raise US$2.1 billion. In one of the highest-profile listings this year, Robinhood and its investors sold 55 million shares for US$38 each after marketing them for US$38 to US$42.

Also on Wednesday, fruit and vegetable producer and distributor Dole Plc lowered the amount it was seeking to raise in its IPO, to US$515 million at the top of a revised price range. That listing, previously scheduled for Tuesday, had been reset for Thursday.

Clarios produces a range of battery products from low-voltage to vehicle and industrial products. Its portfolio of brands includes Varta, LTH and Heliar.

Brookfield’s private equity arm, Brookfield Business Partners, agreed to buy the battery business from Johnson Controls International Plc in 2018, funded by US$3 billion in equity and US$10.2 billion in long-term debt.

Bank of America Corp. and JPMorgan Chase & Co. were leading the IPO.