Novelis, a subsidiary of Hindalco Industries, delays IPO due to market conditions

From Hindustan Times Media Ltd.: 2024-06-04 21:57:59

Novelis Inc, the US subsidiary of Hindalco Industries, has postponed its initial public offering (IPO) due to market conditions. The company planned to raise between $810 million and $945 million with an IPO price band set at $18 to $21 per share. The net proceeds from the IPO were estimated to be between $931.5 million and $1.08 million. AV Minerals (Netherlands) NV and one more shareholder were set to offload 45 million Novelis shares in the IPO. Hindalco Industries would have owned 92.50% stake in its US subsidiary after the IPO. Further updates to follow.



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