Hindalco unit Novelis postpones IPO citing market conditions ...Middle East

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.

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Hindalco unit Novelis postpones IPO citing market conditions ...Middle East

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