Hindalco-owned Novelis postpones US IPO: What we know

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Novelis IPO: “Novelis will continue to evaluate the timing of the offering in the future,” it said in a statement

Aluminum products maker Novelis, owned by Indian billionaire Kumar Mangalam Birla’s Hindalco Industries, on Tuesday postponed its initial public offering citing market conditions.

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“Novelis will continue to evaluate the timing of theoffering in the future,” it said in a statement, without giving further details.

The world’s largest recycler of aluminum, whose customers include Coca-Cola, Ford and Jaguar LandRover, said last month it was targeting a valuation of up to $12.6 billion in its US IPO.

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Hindalco was looking to raise up to $945 million through the sale of 45 million shares at a price of $18 to $21 per share.

Novelis declined to comment, while Hindalco did not immediately respond to a Reuters request for comment on the IPO.

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Novelis was acquired in 2007 by aluminum and copper manufacturing company Hindalco, a unit of Indian multinational conglomerate Aditya Birla Group, headquartered in Mumbai.