Its cancellation underscores the skittishness of investors toward equity offerings in Asia in recent months.

Earlier this year, motor sport franchise Formula One put off a $2.5 billion IPO in Singapore. In late May, a $1 billion IPO by U.K. jeweler Graff Diamonds Corp. was scrapped in Hong Kong, again due to poor market conditions.

To entice investors, Reliance was offering a yield of around 11.5% on its trust, a person with knowledge of the deal said on Friday. This would be nearly twice the average yield being paid by business trusts and real-estate investment trusts in Singapore.

The Reliance trust owns an undersea cable network, which carries telecommunication signals across more than 68,000 kilometers in Asia, the Middle East, Europe and the U.S., the company website said.

Some large investors, including Investment Corp. of Dubai, China Investment Corp. and Singapore state-owned fund Temasek Holdings, had committed money to the IPO, two people familiar with the discussions said on Thursday.