MUMBAI, (Reuters) – India’s Emaar MGF Land, an Indian joint venture of Dubai’s Emaar Properties EMAR.DU, has postponed its on-going initial public offering, the company said on Friday.

Emaar, which aimed to raise up to $1.64 billion, had to cut its price band twice and extended its IPO by three days to Feb. 11 after a weak response to the issue in a volatile market.

“The company decided to take this step as a result of the prevailing adverse market sentiments, fuelled by renewed indications of a U.S. recession and global meltdown,” it said in a statement.

On Thursday, healthcare services provider Wockhardt Hospitals shelved its IPO after it got subscriptions for only a fifth of the offering of 25.1 million shares. The company had also extended the period and cut the price.

“Given the prevailing sentiments in the capital markets it was unclear how well the stock would trade post listing,” Emaar said.

“It has been considered wiser to revisit the markets only when the demand and sentiment is stable and better providing greater value to the investor.”

A source close to the company said Emaar MGF would refund the application money in the next 10 to 15 days.