Novelis Inc., the world's leading aluminum recycler and producer, has temporarily postponed its plans to raise about $945 million in an initial public offering in the U.S. stock market. The planned listing would have been one of the largest U.S. stock market ipos this year. Novelis' largest shareholder is Hindalco Industries Ltd, owned by Indian billionaire Mangalam Birra. In an updated statement, the company said it will continue to evaluate the specific timing of the IPO. Novelis, which is based in Atlanta, did not elaborate on what adverse market conditions caused the abrupt suspension of the blockbuster IPO process.
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