look news india
Novelis, the US subsidiary of Hindalco Industries, has postponed its plan to raise $945 million through an initial public offering (IPO). This decision has been taken due to the adverse impact of the market. If this IPO goes public, it will be the largest IPO of an Indian company in the US. However, the Aditya Birla Group company will bring this IPO again in the future as per the market conditions while assessing the time.
Hindalco Industries' US subsidiary aims to raise $81 million to $94.5 million through the IPO. The price band for the IPO proposed by Novelis in May was set at $18 to $21 per share. With the greenshoe option, the revenue range was estimated at $93.15 million to $1.08 billion.
Stop and wait
In May, a price range of $18 to $21 per share was set for Novelis' proposed IPO.
According to Novelis, the IPO will be re-launched after evaluating the timing
The US subsidiary of Hindalco Industries was to sell 45 million shares to Minerals (Netherlands), aiming to raise $81 million to $94.5 million through the IPO.
