Hindalco-owned Novelis postpones US IPO
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 05 2024
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Source: Yahoo Finance
- Novelis Postpones IPO: Aluminum products maker Novelis, owned by Hindalco Industries, postponed its initial public offering due to market conditions.
- Future Evaluation: Novelis stated it will continue to assess the timing of the offering in the future without providing further details.
- Valuation Target: The company aimed for a valuation of up to $12.6 billion in its US IPO with customers like Coca-Cola, Ford, and Jaguar LandRover.
- IPO Details: Hindalco Industries planned to raise up to $945 million through the sale of 45 million shares at a price range of $18 to $21 per share.
- Acquisition Background: Novelis was acquired in 2007 by Hindalco, a unit of the Indian conglomerate Aditya Birla Group, headquartered in Mumbai.
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.
