Novelis postpones IPO

Atlanta-based aluminum solutions provider Novelis Inc. has postponed its initial public offering (IPO). The company planned to offer 45 million shares, with the price per common share estimated to be between $18 and $21.

The company attributes the postponement to market conditions and says it will continue to evaluate the timing of the offering in the future.

“There was a lot of interest in Novelis and strong support for the company and its growth trajectory,” the company says in a written statement. “However, market conditions did not support achieving the premium outcome we were seeking.”

The company filed a registration on Form F-1 with the U.S. Securities and Exchange Commission (SEC) in May. The common shares were expected to be offered by Novelis’ sole shareholder, a wholly owned subsidiary of Mumbai, India-based Hindalco Industries LTD.

Just last week, Novelis announced the launch of a roadshow for the IPO.

As previously reported by Recycling Today, Morgan Stanley, BofA Securities and Citigroup were announced as lead book-running managers for the proposed offering with Wells Fargo Securities, Deutsche Bank Securities and BMO Capital Markets acting as additional book-running managers. BNP Paribas, Academy Securities, Credit Agricole CIB, PNC Capital Markets LLC and SMBC Nikko were to act as co-managers.