04:57 AM EDT, 06/05/2024 (MT Newswires) -- Novelis ( NVL ) said Tuesday it is postponing its initial public offering "due to market conditions."

Novelis ( NVL ) said it will continue to evaluate the timing of the offering in the future.

The aluminum recycling company on May 28 said its sole shareholder, Hindalco Industries, was making an offering of 45 million shares priced at $18 to $21 per share.

Novelis ( NVL ) applied to list on the New York Stock Exchange under the ticker symbol NVL.