Novelis, an aluminum products manufacturer owned by Hindalco Industries, the company of Indian billionaire Kumar Mangalam Birla, has decided to postpone its planned initial public offering (IPO) due to current market conditions. In a statement, Novelis mentioned that it will continue to assess the timing of the IPO in the future, but did not provide further details. The company, which is the largest aluminum recycler globally and counts Coca-Cola, Ford, and Jaguar Land Rover among its clients, had previously stated its aim for a valuation of up to $12.6 billion in its US IPO. Hindalco had planned to raise around $945 million by selling 45 million shares at a price range of $18 to $21 per share. Novelis declined to comment, while Hindalco has not responded to a request for comment from Reuters regarding the IPO. Novelis was acquired by Hindalco in 2007 and is part of the Aditya Birla Group, a Mumbai-based multinational conglomerate involved in aluminum and copper manufacturing.
