Billionaire Paul Coulson’s Ardagh Group has postponed an IPO for its metal packaging subsidiary Oressa Limited, citing “challenging” market conditions.

The group said it had “virtually completed its preparations for the IPO of Oressa, but the current IPO market conditions in the US are challenging and, as a result, it does not believe that it would be wise to seek to access the equity markets at this point in time.”

In a statement, Ardagh added that it will monitor the situation and will launch the IPO as soon as market conditions are suitable.

The news comes as the group, which produces glass and metal products, announced its Q3 results showing revenue rising by 11% on same period in 2014 to €1.46bn.

In addition, both Ardagh’s glass packaging (+13% to €849m) and metal packaging (+18% to €612m) revenue rose during the third quarter.

The company cited expansion in North America as a significant contributor to this revenue increase.

The Ardagh Group was first founded as the Irish Glass Bottle Company in 1932.