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Hindalco Industries on Wednesday announced that its US arm Novelis Inc has postponed its initial public offering (IPO) due to market conditions. Novelis will continue to evaluate the timing of the offering in the future, Hindalco said in a filing to BSE. Few days back, Novelis Inc had said it
Shares of Hindalco Industries surged nearly 4% to reach new heights as its US-based subsidiary, Novelis Inc, announced an IPO aiming to raise up to USD 945 million. The stock showed remarkable gains on the BSE and NSE. Post-IPO, Hindalco will retain around 92% stake in Novelis.
Hindalco's Novelis IPO aims to raise $945 million, with Hindalco retaining 92% stake post-IPO, targeting growth in aluminium and copper.