Hindalco Delays Novelis IPO Will Reassess Timing Later
Hindalco has delayed the IPO of its US subsidiary Novelis, which will reassess the timing later. The IPO aimed to raise to $1.08 billion, potentially making it the largest by an Indian company in the US. Novelis, a significant aluminium recycler, reported strong Q4FY24 earnings, boosting Hindalco’s performance. Despite short-term negative impacts, analysts remain optimistic about Hindalco's prospects. Hindalco shares fell 1.8%, making it the second-biggest loser on the Nifty 50 index.
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Jun 6, 2024
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Hindalco has announced a delay in the initial public offering (IPO) of its US subsidiary, Novelis Inc., which will now evaluate the timing of the public offer at a later date. The company initially aimed to raise between $810 million and $945 million through the sale of shares priced between $18 and $21, with an additional greenshoe option that could have brought the total proceeds to a range of $931.5 million to $1.08 billion.
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