Private-equity owned metals producer Noranda Aluminium has slashed its initial public offering by 66% at a time of continued instability for buyout-backed flotations in the equity markets.

The Tennessee-based company, owned by billionaire Leon Black's Apollo Global Management, will seek to sell 10 million shares at $8 to $9 each in New York, according to a regulatory filing with the Securities and Exchange Commission. The offer is down from the 16.67m shares the company originally sought to sell at $14 to $16 each.