Novelis Inc, the US subsidiary of Hindalco Industries, has decided to postpone its initial public offering (IPO) for now.
Hindalco said Novelis will continue to evaluate the timing for the public offer in the future.
The company had planned to raise between $810 million and $945 million by offering shares priced between $18 and $21. With an additional greenshoe option, the total proceeds were expected to range from $931.5 million to $1.08 billion.
This IPO was anticipated to be the largest ever by an Indian company in the US.
Read More: What Novelis IPO means for Hindalco valuation
The shares to be sold in the IPO were to come from AV Minerals (Netherlands) NV, another subsidiary of Hindalco Industries. AV Minerals planned to offload around 45 million shares. After the IPO, Hindalco would have retained 92.5% ownership of Novelis, holding 555 million common shares.
Novelis is the world's largest recycler of aluminum, with customers that includes Coca-Cola, Ford and Jaguar LandRover. The company had clocked strong EBITDA/tonne of $540 in Q4FY24, support Hindalco’s operating performance.
This is a developing story. Stay tuned for updates.
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