2 min read Last Updated : May 14 2024 | 5:51 PM IST
Novelis,
Hindalco Industries‘ US subsidiary, on Tuesday said it has filed a registration statement on Form F-1 for its proposed initial public offering (IPO) with the Securities and Exchange Commission (SEC). The company said it intends to list its common shares on the New York Stock Exchange (NYSE) under the ticker symbol “NVL.”
The company said the common shares are expected to be offered by Novelis’ sole shareholder – Hindalco Industries. Novelis is not to receive any proceeds from the sale of common shares by its sole shareholder, the company said in its statement.
Novelis, in its statement, added that the number of shares to be offered and the price range for the proposed offering have not yet been determined. Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions. The statement added there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. However, according to a Bloomberg news report, the company is seeking to complete the planned US initial public offering as soon as early June, the news agency said, quoting people familiar with the matter.
The company said Morgan Stanley, BofA Securities, and Citigroup will act as lead book-running managers for the proposed offering, with Wells Fargo Securities, Deutsche Bank Securities, and BMO Capital Markets acting as additional book-running managers. BNP Paribas, Academy Securities, Credit Agricole CIB, PNC Capital Markets LLC, and SMBC Nikko will act as co-managers for the proposed offering.
In February, Novelis announced plans to pursue a US market IPO of shares to be offered by its sole shareholder – Hindalco.
Novelis, a world leader in aluminum rolling and recycling, is currently undertaking a $4.1 billion capital expenditure at its Bay Minette project to add 600 thousand tonnes of aluminum facility in the first phase.
First Published: May 14 2024 | 5:46 PM IST
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