Solar technology company Schott Solar has decided to call off its initial public offering.

The company reportedly cited "dramatic deterioration in international capital market conditions" as the reason for its decision.

"It was impossible to foresee the dramatic deterioration in the capital market environment, which makes a successful IPO impossible at this stage for all (the) parties involved," said chief executive Martin Heming.

"Once the capital market environment has settled on a sustained basis, the next steps will be considered," the company said, adding that Schott's funding of growth plans remained secure.

Schott Solar previously said it was targeting to raise as much as $895 million through the IPO. The subscription period was originally planned to end on October 1, but then it was extended to October 8.

In August, it was shared that Schott Solar GmbH is to soon become an Aktiengesellschaft, or stock corporation, and "promptly"' sell shares thereafter. The report, filed by Frankfurter Allgemeine Zeitung, had attributed the development to Heming.  

For its part, Schott Solar has already indicated about its plans to the increase the annual capacity for the production of receivers for solar power plants with parabolic trough technology (CSP) by the end of 2009 to approximately one gigawatt. The annual production capacity of the joint venture Wacker Schott is also planned to reach one gigawatt by 2012.