Hindalco May Resume Work on Novelis Share Sale Next Year

Hindalco Industries Ltd., which delayed an initial public offering for Novelis Inc., said it’s seeking a premium valuation for its US unit and any attempt to list it will take place in 2025.

The plan to raise as much as $945 million by floating Novelis, the world’s largest aluminum recycler, was postponed in June.

“When we went for the IPO in those market conditions, we could not get that premium valuation” that the unit deserved, Satish Pai, managing director of Hindalco, said in an interview on Bloomberg Television. The company will assess market conditions, and “it would ...