Novelis Inc, the US subsidiary of Hindalco Industries, announced that it has postponed its initial public offering (IPO) due to market conditions.
The company will continue to evaluate the timing of the offering in the future, Novelis said.
The company had planned to raise between $810 million and $945 million from the offer. Novelis IPO price band was set at $18 to $21 per share, Hindalco Industries had announced last week.
Read here: Novelis IPO: US subsidiary of Hindalco Industries declares price band at $18 to $21 per share
With the green shoe option available to the US primary market investors, the net proceeds from Novelis IPO were estimated to be between $931.5 million and $1.08 million.
AV Minerals (Netherlands) NV, another subsidiary of Hindalco Industries, and one more shareholder, were set to offload 45 million Novelis shares in the IPO. After a successful listing of Novelis shares, Hindalco Industries would have owned 555 million Novelis shares or 92.50% stake of its US subsidiary.
(To be updated)
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Published: 05 Jun 2024, 07:27 AM IST