Clear Street Group Inc., a cloud-based Wall Street broker, has postponed its US initial public offering following a significant downsizing of the offering. The company blamed market conditions for the decision, which comes after they had already reduced their target by nearly two-thirds from the original plans.

The revised offering would have raised approximately $364 million at the midpoint, down from the original potential of $1.04 billion. Clear Street had cut its planned shares to 13 million at $26-$28 each, compared to the previous 23.8 million shares priced at $40-$44.

The postponement reflects investor caution in current financial markets, particularly for fintech and financial services companies. Cloud-based brokers like Clear Street face challenges gaining traction with investors during periods of market uncertainty. Industry observers note that several fintech companies have delayed IPO plans recently.