- Reuters
Hindalco-owned Novelis delays US IPO; shares slide
New York (Reuters) -Hindalco Industries said on Tuesday its U.S-based unit Novelis has postponed its initial public offering (IPO) due to weak market conditions, sending shares of billionaire Kumar Mangalam Birla's company down as much as 6.5%. In May, aluminium recycler Novelis said that it was targeting a valuation of up to $12.6 billion in its U.S. IPO, with Hindalco looking to raise up to $945 million through the sale of 45 million shares at a price of $18 to $21 apiece. The delay will likely have a short-term negative impact on Hindalco, said Sneha Poddar, associate vice president at Motilal Oswal Financial Services, adding that the company remains a good pick among metal stocks as its domestic and U.S.-based business has reported strong results in the previous quarter.
- Reuters
UPDATE 3-Aluminum products maker Novelis makes US IPO filing public
Aluminum products maker Novelis, owned by Indian conglomerate Aditya Birla Group's Hindalco Industries, made public its filing for an initial public offering in the United States on Monday. The company is moving ahead with a listing at a time when the U.S. IPO market is on a rebound this year, after a two-year lull, on hopes of a "soft landing" for the economy, where inflation falls without a recession or big job losses. Novelis is seeking to complete the planned IPO as soon as early June, Bloomberg News reported, citing people familiar with the matter.
- Reuters
UPDATE 2-India's Hindalco mulls seeking $1.2 bln in Novelis IPO, Bloomberg News reports
Hindalco Industries , owned by Indian billionare Kumar Mangalam Birla, is considering seeking about $1.2 billion in the initial public offering of its U.S.-based unit Novelis, Bloomberg News reported on Wednesday. Hindalco, one of India's largest aluminium and copper producers, may target a valuation of about $18 billion for Novelis, which the Birla group will seek to list on the New York Stock Exchange by September, the report added, citing people familiar with the matter.
