Mexican conglomerate Alfa has confirmed that the planned initial public offering (IPO) of its processed food business Sigma Alimentos has been cancelled.

“The stock offer was over-subscribed, but at a price that was not in line with the established price range,” Alfa said in a statement.

Monterrey-based Alfa was hoping to raise MXN18.5bn (US$1bn) in the share offering that was scheduled for Wednesday (27 September).

It is the second time an IPO for Sigma, which produces dairy products, meat and frozen food, has been aborted. A plan to sell shares in the business was first touted in 2013.

Earlier this month, Alfa announced its plans to revisit the Sigma IPO idea and said it was planning to place around 15% of its equity up for sale, pricing shares at MXN23 to 29 each.

Sigma has been in an acquisitive mood of late. In June, it bought Peruvian packaged meats and dairy company Suisse Peruana de Embutidos and earlier this month it took full control of Romanian meat processing company Caroli Foods Group.