ATLANTA : Hindalco controlled aluminum company Novelis Inc., specializing in aluminum rolling and recycling , has announced the postponement of its initial public offering (IPO) due to market conditions. Novelis will continue to evaluate the timing of the offering in the future, the company said in a regulatory filing.
Hindalco falls 5% to Rs. 620.80 after Novelis postponed its IPO
Novelis was acquired by Hindalco Industries in 2007 for approximately $6 billion, making it a significant part of Hindalco’s operations and global footprint. Since its acquisition, Novelis has remained a private entity under Hindalco Industries’ ownership, and there have been no public announcements or indications from Hindalco regarding an IPO for Novelis.