The France-based streaming platform, backed by Access Industries and Orange, has cancelled an IPO that was expected to generate more than $330m in proceeds.

Deezer, the France-based music streaming service backed by conglomerate Access Industries and telecommunications company Orange, has cancelled its proposed initial public offering on Tuesday citing market conditions.

Deezer operates a music streaming service that had around 6.3 million subscribers as of the end of June 2015. It had intended to spend the IPO proceeds on marketing in a bid to combat rivals such as Spotify, Rdio and Tidal.

The company initially filed for an IPO on the Euronext Paris market…