Novelis Inc., a subsidiary of Aditya Birla Group, has initiated the process for its Initial Public Offering (IPO) in the United States, intending to offer 45 million shares within a price band of $18 to $21 per share.
The registration statement on Form F-1 was filed by Novelis Inc. with the US Securities and Exchange Commission (SEC) on May 14.
Morgan Stanley, BofA Securities, and Citigroup are designated as the lead book-running managers for the proposed IPO. Additionally, Wells Fargo Securities, Deutsche Bank Securities, and BMO Capital Markets will serve as additional book-running managers. BNP Praibas, Academy Securities, Credit Agricole CIB, PNC Capital Markets LLC, and SMBC Nikko are enlisted as co-managers for the proposed offering.
Novelis stands as the world’s largest producer of flat-rolled aluminum products, catering to diverse industries ranging from automotive to beverage cans. It was acquired by Hindalco Industries, owned by billionaire Kumar Mangalam Birla, in a multibillion-dollar deal in 2007.
The company aims to raise $945 million at the upper end of the price band and targets a valuation of up to $12.6 billion. Novelis has applied to list its common shares on the New York Stock Exchange under the ticker symbol ‘NVL’.
Post the IPO, Hindalco will retain approximately 92.5 percent stake in Novelis. The company will not receive any proceeds from the sale of common shares by its sole shareholder.
