LeasePlan Group, the parent of LeasePlan Corp. NV, called off a planned listing of its shares on Euronext in Amsterdam and Brussels, citing market conditions.

The Dutch auto leasing company announced the IPO on Oct. 4 and described it as a logical next step for its development. The IPO would have consisted entirely of existing shares held by its sole shareholder, Singapore-based Lincoln Financing Holdings Pte. Ltd.

Bloomberg News previously reported that LeasePlan is aiming for a valuation of as much as €7.5 billion, while Reuters said the company is expected to fetch a similar valuation as French rival ALD SA, which had a market capitalization of €6.4 billion at market close Oct. 3.