Aluminum Producer Novelis Hits Pause on $945 Million US IPO (1)

Aluminum producer Novelis Inc. has postponed a plan to raise as much as $945 million in an initial public offering that would have been one of the biggest listings in the US this year.

The unit of Indian billionaire Kumar Mangalam Birla’s Hindalco Industries Ltd. will continue to evaluate the timing of the offering, it said in a statement. Novelis, based in Atlanta, didn’t elaborate on the adverse market conditions that it said had led to the halting of the sale.

The metals company has been on a decade-long drive to boost production capacity and is the world’s largest aluminum ...