(Reuters) – Aluminum products maker Novelis, owned by Indian billionaire Kumar Mangalam Birla’s Hindalco Industries, delayed its initial public offering on Tuesday, citing market conditions.
“Novelis will continue to evaluate the timing of the offering in the future,” the company said in a statement, without elaborating.
The world’s largest aluminum recycler, whose clients include Coca-Cola (NYSE:), Ford (NYSE:) and Jaguar LandRover, said last month it plans to seek a valuation of up to $12.6 billion in a U.S. IPO.
Hindalco expected to raise up to $945 million by selling 45 million shares at $18 to $21 per share.
Novelis declined to comment and Hindalco did not immediately respond to a Reuters request for comment on the IPO.
Novelis was acquired in 2007 by aluminum and manufacturing company Hindalco, a division of Indian multinational conglomerate Aditya Birla Group, headquartered in Mumbai.