Hindalco-owned aluminum producer Novelis delays IPO plans citing market conditions
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 05 2024
0mins
Source: SeekingAlpha
- Novelis Postpones IPO Plan: Novelis, the U.S. unit of Hindalco Industries, delayed its IPO due to adverse market conditions.
- Valuation and Fundraising Goals: The aluminum producer aimed for a valuation of $12.6B and intended to raise up to $945M by selling 45 million shares at $18 to $21 each.
- Assessment of Offering Timing: Novelis will continue to evaluate the timing of the IPO in response to volatile circumstances on the Indian stock market.
- Market Conditions Impact: The decision was influenced by the Indian ruling party's loss of a significant majority in parliament, leading to the need for alliances to form a government.
- Related News: Other topics related to Novelis include investors preparing for a key jobs report and the company's rollout of an IPO for aluminum products and recycling.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
