Novelis, an us-based aluminum roller and recycler owned by India's Hindalco, withdrew its plans for an initial public offering on Tuesday. It had filed to raise $878 million by offering 45 million shares (100% secondary) at a price range of $18 to $21.
The Atlanta, GA-based company was founded in 2004 and booked $16.2 billion in sales for the 12 months ended March 31, 2024. It had planned to list on the NYSE under the symbol NVL. Morgan Stanley, BofA Securities, Citi, Wells Fargo Securities, Deutsche Bank, and BMO Capital Markets were set to be the joint bookrunners on the deal.
