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19 Nov 2024
Novelis, the US subsidiary of India’s Hindalco Industries, has deferred its initial public offering (IPO) due to market conditions, announcing the decision on Wednesday after launching a roadshow for the offer last week.
Novelis said it will continue to evaluate the timing of the offering. Proceeds from the up to $ 945 million worth IPO was to accrue fully to its parent company.
According to the public disclosures made last week, Novelis was to list at $18 to $21 per share and offer 45 million shares. These plans are now on hold.
At the earlier stated price, Novelis is valued at up to $12.6 billion. Hindalco acquired Novelis in 2007 in a deal that valued the company then at $6 billion. Based on the net debt of $4.35 billion, as per the filing, the enterprise valuation of the company is estimated to be in the range of $15.2 billion to $17 billion.
Morgan Stanley, BofA Securities and Citigroup were 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 are acting as co-managers for the proposed offering.
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