Official press release from Novelis Inc. or filing with the SEC

Novelis Postpones $945 Million U.S. IPO Amid Market Conditions and Credit Stress

Jun 5, 2024, 03:03 AM

Hindalco-owned Novelis Inc. has postponed its plan to raise as much as $945 million in a U.S. initial public offering. This IPO, which was anticipated to be one of the biggest listings in the U.S. this year, was initially expected to raise over $900 million. The decision to delay the IPO is attributed to adverse market conditions and increasing credit stress.