Hindalco arm Novelis Files Registration Statement for Proposed IPO

by Psu Connect
Date: 14-05-24

The common shares are expected to be offered by Novelis' sole shareholder (a wholly owned subsidiary of Hindalco Industries Limited).

Hindalco arm Novelis Files Registration Statement for Proposed IPO

Novelis Inc., a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, has announced that it has filed a registration statement on Form F-1 with the Securities and Exchange Commission (the "SEC") relating to the proposed initial public offering of its common shares.

The common shares are expected to be offered by Novelis' sole shareholder (a wholly owned subsidiary of Hindalco Industries Limited).

Novelis will not receive any proceeds from the sale of common shares by its sole shareholder. Novelis intends to list its common shares on the New York Stock Exchange (“NYSE”) under the ticker symbol “NVL.”

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.

Novelis is a subsidiary of Hindalco Industries Limited, an industry leader in aluminum and copper, and the metals flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai.