Russia’s Nitol Solar, which makes silicon used in solar panels, postponed its initial public offering because of “market conditions,” reports Bloomberg News. The announcement marks the 56th company to withdraw or delay a sale of shares so far this year.

The Russian company said last month it aimed to raise as much as £150 million ($295.2 million) in the offering and hired Citigroup Inc. and Credit Suisse Group to coordinate the sale. Nitol Solar announced the postponement in a statement today from the London Stock Exchange, where it intended to list its shares. Ni new date for the sale was given.

Nitol Solar joins fashion brand Tommy Hilfiger Corp. and Denmark's Dong Energy in canceling an IPO this year. At least 53 other companies have also withdrawn or postponed initial sales, according to Bloomberg data, as investors shunned risk amid slumping equity markets.

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