OSX Brasil SA had hoped to raise as much 7.3 billion reals ($4.1 billion) by selling 5.51 million new shares. Now the company will sell 3.06 million shares, and hopes to raise 2.4 billion reals ($1.36 billion).

OSX said in a securities filing late Tuesday that final pricing of the IPO was delayed by one day and will now be held on Thursday.

Local media said Wednesday that demand for the shares did not meet OSX's initial expectations.

Batista, ranked by Forbes magazine as the world's eighth wealthiest person, owns steel, mining, energy and oil companies.