New Century Shipbuilding has cancelled its S$666.4m ($482.7m) initial public offering (IPO), in what would have been the largest offering in Singapore this year.

The Chinese firm was scheduled to sell 560 million shares at a maximum offer price of S$1.19 a share.

The company had earlier planned to sell 1.46 billion shares, about 30% of the group’s enlarged equity pool, in a deal that would have raised about S$1.7bn ($1.2bn).

New Century did not provide a reason for the IPO cancellation.