Hindalco Industries has informed the stock exchanges that its fully-owned subsidiary Novelis Inc has filed the registration statement on Form F-1 with the US Securities and Exchange Commission (SEC).
The filing said Novelis Inc intends to list its common shares - to be offered by sole shareholder AV Minerals - on the New York Stock Exchange (NYSE). Novelis aims to list the common shares on NYSE under the
ticker symbol “NVL.” The number of shares to be offered and the price band for the proposed IPO have not yet been determined. Novelis expects to complete the process after SEC completes its review.
According to some news reports, Novelis Inc. hopes to complete the IPO offering as early as June. It could begin formally marketing the public issue in about two weeks, reports added.
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. BNP Praibas, Academy Securities, Credit Agricole CIB, PNC Capital Markets LLC and SMBC Nikko will be co-managers for the proposed offering.
Hindalco is looking to raise $1.2 billion via the IPO of its Atlanta-based unit Novelis, and some reports peg the proposed valuation at about $18 billion.
Novelis is the largest producer of flat-rolled aluminum products globally, which are utilized in various products ranging from automobiles to beverage cans.
The company announced in February that it had confidentially filed for listing with the US Securities and Exchange Commission.
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