Novelis postponed the plan to bring IPO
Novelis postponed the plan to bring IPO…
Hindalco Industries-led aluminium products manufacturer Novelis has postponed its plan to bring IPO for the time being. The postponement of the IPO was announced on tuesday citing market conditions. Today its effect can be seen on the shares of Hindalco Industries. The company said in a statement without giving much details that Novelis will continue to do the valuation of the IPO in future.
Novelis had plans to raise $945 million
This American subsidiary of Hindalco had plans to sell 45 million shares at a price of $18 to $21 per share through which the company wanted to raise up to $945 million. Novelis was acquired by aluminium and copper manufacturer Hindalco in 2007.
Novelis declined to comment
Novelis declined to comment, while Hindalco did not immediately respond to a request for comment on the IPO. It may be noted that Novelis is the world's largest aluminium recycler and its clients include big names like Coca-Cola, ford and Jaguar Land Rover. The company had said last month that it is targeting a valuation of up to $12.6 billion in its US IPO.
Novelis is the US subsidiary of Hindalco Industries
There was excitement in the market for the proposed IPO of Novelis, the US subsidiary of Hindalco industries of the Aditya Birla Group of indian billionaire Kumar Mangalam Birla. The price band of $18 to $21 per share was fixed for this IPO, if seen in indian currency, the price band of the IPO could have been around Rs 1500 to Rs 1750 per share. This company of Aditya Birla Group is headquartered in America and it works as a US subsidiary of Hindalco Industries. Aditya Birla Group is headquartered in mumbai and is known as an indian multinational group.