Hindalco Industries has declared the postponement of the initial public offering (IPO) of its wholly-owned subsidiary, Novelis Inc. The decision, announced on Wednesday, is attributed to the current market conditions according to an exchange filing.

What Happened: Novelis said it will reassess the timing of the offering in the future. The company’s press release stated, “There was a lot of interest in Novelis and strong support for the company and its growth trajectory. However, market conditions did not support achieving the premium outcome we were seeking.”

See Also: Beware Market ‘Pied Pipers,’ Advises US Hedge Fund Manager Amid Election Fallout

The press release further clarified that this announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any future offers, solicitations of offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

The postponement comes after Novelis had initiated a roadshow for its IPO. The company had planned to list its common shares on the New York Stock Exchange under the symbol "NVL" and aimed to raise around $945 million (around ₹7,850 crore) at a valuation of $12.6 billion (around ₹1.04 lakh crore).

Prior to this, the company had filed a registration statement with the US Securities and Exchange Commission, outlining its intention to list its common shares on the New York Stock Exchange. Hindalco’s shares had risen continuously ahead of the IPO announcement.

Read Next: Railway Stocks Slide Offtrack As Analysts Predict Further Correction To Overvalued Stocks