(20 second reading) Hindalco’s fully-owned subsidiary Novelis Inc filed the registration statement on form F-1 with the Securities and Exchange Commission (SEC) relating to the proposed IPO of its common shares. The Aditya Birla Group-owned company is likely to raise about $1.2 billion via its initial stake sale at an expected valuation of $18 billion.
Atlanta-based Novelis is the world’s biggest maker of flat-rolled aluminum products, used in an array of goods, from cars to soda cans. It intends to list its common shares on the New York Stock Exchange (NYSE) under the ticker symbol ‘NVL’.
Morgan Stanley, BofA Securities and Citigroup are the lead book-running managers for the proposed IPO with Wells Fargo Securities, Deutsche Bank Securities and BMO Capital Markets acting as additional book-running managers.