Hindalco shares jump 5% after Novelis files for IPO in the US
Hindalco Industries, the leading metals company under the Aditya Birla Group, surged 5% to reach ₹538 per share. This rise in shares follows an announcement from the company's wholly owned subsidiary, Novelis Inc., on Tuesday.
Novelis, which makes flat-rolled aluminium products, said it has submitted a confidential filing for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) for its proposed initial public offering (IPO). "Novelis Inc, a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, today announced that it has confidentially submitted a draft 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 company said in a statement.
The IPO will be a secondary sale of shares by Hindalco, meaning Novelis will not receive any capital as part of the offer as Hindalco holds 100% of Novelis. (Please note that this is a developing story, and updates will be provided shortly.) Milestone Alert!
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