Hindalco Industries’ wholly owned subsidiary -- 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.
Earlier on May 28, the company’s arm had launched roadshow for the initial public offering (IPO) of 45,000,000 of its common shares held by Novelis’ sole shareholder i.e A.V Minerals (Netherlands) N.V. (a wholly owned subsidiary of the Company registered in Netherlands).
Novelis in May had filed IPO papers in the US. In the public issue, the aluminum company’s US arm is supposed to offer 4.5 crore shares in the price band of $18-21 per share.
Hindalco Industries is an industry leader in aluminium and copper. The company’s aluminium units across the country encompass the entire gamut of operations from bauxite mining, alumina refining, aluminium smelting to downstream rolling, extrusions, foils and alloy wheels, along with captive power plants and coal mines.
| Company Name | CMP |
|---|---|
| Hindalco | 1038.95 |
| Vedanta | 787.60 |
| Hindustan Zinc | 592.35 |
| Jain Resource Recycl | 420.90 |
| Gravita India | 1639.80 |
| View more.. | |
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