BERLIN, (Reuters) – Porsche Automobil Holding SE cautioned Friday that listing Porsche AG luxury sportscar maker Porsche AG was not possible due to market conditions.

Hans-Dieter Poetsch, Porsche SE Chairman, stated that they are currently working on financing plans to make it more robust in various valuation scenarios in an IPO (initial public offerings).

“The feasibility of the IPO will depend on many different factors…final decisions have yet to be made.”

Volkswagen (ETR,:) and Porsche SE (which is its biggest shareholder) reached an agreement in February to list Porsche. They hoped to extract value from the luxury brand through what could become one of the largest stock markets debuts.

Volkswagen’s chief executive Herbert Diess indicated that he believed the time was right for an IPO on Thursday.