Hindalco subsidiary Novelis files draft papers with SEC to target $12.6 billion valuation via US IPO
Hindalco Industries.The aluminum producer filed its draft papers with the US Securities and Exchange Commission (SEC) where it said that its parent company is targeting to raise up to $945 million by offering 45 million shares at a price range of $18 and $21 each. Hence, the IPO price band is estimated to be between $18 and $21, Novelis said in its filing with the US SEC.Billionaire Kumar Mangalam Birla-ownedHindalco is one of India's biggest aluminium manufacturing company and the world's largest flat-rolled products player and recycler of aluminium.
After Novelis IPO, the Aditya Birla Group company will own about 92.5 per cent of the US-based company. Novelis will list on the New York Stock Exchange (NYSE) under the symbol "NVL".
Morgan Stanley, BofA Securities and Citigroup Global Markets are the joint 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 issue.“We are a 'foreign private issuer' under applicable Securities and Exchange Commission rules, and as a result, will be subject to reduced public company reporting requirements for this prospectus and future filings with the Securities and Exchange Commission," said Novelis in its exchange filing.Headquartered in Atlanta, Georgia, Novelis is the leading producer of flat-rolled aluminum products and the world's largest recycler of aluminum.
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