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Hindalco’s Novelis IPO delayed; valued at $17 billion

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In Short:

Hindalco Industries, an Aditya Birla group company, has postponed the initial public offering of its US subsidiary, Novelis, due to bad market conditions. They were planning to raise $1.08 billion. The company will decide on the offering’s timing later. Hindalco, the selling shareholder, was expecting proceeds between $810 million and $945 million. The company’s equity valuation was estimated around $10.8 billion to $12.6 billion.

Aditya Birla Group’s Hindalco Industries Postpones Novelis IPO

Hey there! Looks like Hindalco Industries, part of the Aditya Birla Group, has decided to hit the pause button on its planned initial public offering (IPO) for its US subsidiary, Novelis. The goal was to raise a whopping $1.08 billion, including the greenshoe option.

Why the Delay?

So, why the delay, you ask? Well, it seems like the market conditions weren’t quite favorable, which led to the decision to postpone the IPO.

Don’t worry, though! Novelis has assured that they will keep an eye on the situation and will consider launching the offering at a later date. Unfortunately, no further details were provided about the new timeline.

  • By the way, if you want to know more about the Novelis IPO, make sure to check out our article: Novelis IPO: Hindalco to raise $1.08 billion

What’s at Stake?

As the sole selling shareholder, Hindalco was expecting to pocket somewhere between $810 million and $945 million from the IPO. And if the greenshoe option came into play, the amount could have gone up to $1.08 billion.

When it comes to the company’s valuation, estimates put their equity value between $10.8 billion and $12.6 billion, with an overall enterprise value of $17 billion.

There you have it! That’s the latest scoop on Hindalco Industries and their Novelis IPO. Stay tuned for more updates!

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