OSX Brasil, the Brazilian ship-building company controlled by billionaire Eike Batista, slashed the size and price of its initial public offering, which had been expected to be among the world's biggest this year.

The downsizing means Batista will seek to raise around 2.4 billion reals ($1.4bn), or two-thirds less than the upper range initially outlined in the offering prospectus. The company said in a regulatory filing late Tuesday it cut the number of shares it will offer by 45% to 3.06 million, while also reducing the asking price for each share to around 800 reals per share from a range as high as 1,333.33 reals.