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Novelis, a world leader in aluminium rolling and recycling, owned by Hindalco, files for a US IPO targeting a $12.6 billion valuation. The company is offering 45 million shares at $18-21 each, aiming to raise $945 million.
Novelis, a subsidiary of Hindalco Industries owned by Kumar Mangalam Birla, has submitted Initial Public Offering (IPO) documents in the United States. The company disclosed its intention on Tuesday, aiming for a valuation of up to $12.6 billion in its US IPO.
Additional Read: Hindalco Industries Ltd
Novelis plans to offer 45 million shares in its US public offering, to raise $945 million. The price band for the shares is set between $18 and $21 per share. Upon successful completion of the IPO, Novelis will be listed on the New York Stock Exchange under the symbol NVL.
Explore: Hindalco Industries
Leading financial institutions, including Morgan Stanley, BofA Securities, and Citigroup, are acting as lead book-running managers for the proposed offering. Additionally, Wells Fargo Securities, Deutsche Bank Securities, and BMO Capital Markets are acting as additional book-running managers.
BNP PARIBAS, Academy Securities, Credit Agricole CIB, PNC Capital Markets LLC, and SMBC Nikko are acting as co-managers for the proposed offering.
Novelis anticipates that the selling shareholder, a wholly owned subsidiary of Hindalco Industries, will grant the underwriters an option to purchase up to an additional 6,750,000 common shares to cover over-allotments, if any, for 30 days after the date of the final prospectus. Novelis itself will not receive any proceeds from the sale of common shares by its sole shareholder.
Additional Read: Hindalco Q4
After the IPO concludes, the wholly owned subsidiary of Hindalco will retain ownership of 555,000,000 shares of Novelis' common shares, representing 92.5% of Novelis' total outstanding common shares (or 91.4% if the underwriters exercise in full their over-allotment option).
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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