Hindalco Industries, an Aditya Birla group company, has postponed its proposed initial public offering of Novelis, a US subsidiary, to raise about $1.08 billion along with the greenshoe option.
The IPO was postponed due to adverse market conditions.
“Novelis will continue to evaluate the timing of the offering in the future,” the company said without providing further details.
- Also read: Novelis IPO: Hindalco to raise $1.08 billion
The sole selling shareholder, Hindalco was to receive proceeds estimated in the range of $810 million- $945 million.
Assuming the green shoe option is exercised, the estimated proceeds are $931.5 million to $1.08 billion.
The company’s equity valuation was estimated to be between $10.8 billion and $12.6 billion.
The enterprise value of the company was estimated at $17 billion.