Novelis eyes US market: Hindalco MD Satish Pai signals 2025 listing attempt

An attempt to list Novelis Inc. on the U.S. stock market is now projected for 2025, according to Satish Pai, Managing Director of Hindalco Industries Ltd. This follows the postponement of the aluminium subsidiary's initial public offering, which was originally scheduled for 2024 but was delayed in June due to "adverse market conditions."

The decision to push the IPO to 2025 reflects Hindalco's cautious approach amid ongoing market volatility. Pai emphasised that the company remains committed to the listing but will wait for more favourable conditions before moving forward.

Pai said the only reason for listing Novelis was a premium valuation.

"We do not need the money for Hindalco's operations in India."

When the company first pursued an IPO, it did not receive the premium valuations that Novelis merited, according to Pai. The timeline for a potential listing will depend on favourable US market conditions, with the next attempt likely occurring in 2025.

Novelis Inc., an American industrial aluminium company based in Atlanta, Georgia, operates as an independent subsidiary of Hindalco Industries, a global leader in aluminium and copper manufacturing. Novelis specialises in producing rolled aluminium and is a major player in aluminium recycling.