It’s an IP-no for aluminum supplier Novelis, which announced late Tuesday it would postpone its planned initial public offering in the U.S. “due to market conditions.”
In its announcement, Novelis said it “will continue to evaluate the timing of the offering in the future.”
It had announced the launch of an IPO roadshow on May 28. The company was to offer 45 million shares priced between $18 and $21, meaning it could have generated as much as $945 million.
2022 and 2023 represented two slow years for U.S. IPO activity. “Even though the outlook for 2024 is improving, ongoing geopolitical tensions and elections throughout the world, including a looming US presidential election at the end of 2024, pose persistent challenges,” according to an April report from law firm White & Case.
Read below for more on Novelis’ IPO pursuit and beverage packaging customers:
