Aditya Welekar of Axis Securities discusses the Novelis IPO's potential uses of funds, including capex and acquisitions. Hindalco aims to unlock Novelis' value and raise cash without increasing net debt. The stock's performance and valuation will depend on the IPO's outcome. Welekar says "let us hear from the management how they want to use the proceeds and based on that, we will take a call on the stock."