Novelis, a subsidiary of Hindalco, submits a registration statement with the SEC for an impending IPO

Novelis, a subsidiary of Hindalco, submits a registration statement with the SEC for an impending IPO

The stock exchanges have been notified by Hindalco Industries that Novelis Inc., a wholly-owned subsidiary, has submitted the Form F-1 registration statement to the US Securities and Exchange Commission (SEC).

According to the application, Novelis Inc. plans to list on the New York Stock Exchange (NYSE) and offer its common shares for sale via sole shareholder AV Minerals. The common shares of Novelis are intended to be listed on the NYSE with the ticker symbol "NVL." For the planned IPO, the quantity of shares to be issued and the price range have not yet been decided. Novelis anticipates finishing the procedure after the SEC's evaluation.

For the planned IPO, Wells Fargo Securities, Deutsche Bank Securities, and BMO Capital Markets will serve as supplementary book-running managers in addition to Morgan Stanley, BofA Securities, and Citigroup, which are the primary book-running managers. The co-managers of the planned offering will include BNP Praibas, Academy Securities, Credit Agricole CIB, PNC Capital Markets LLC, and SMBC Nikko.

Through the initial public offering (IPO) of Novelis, its Atlanta-based subsidiary, Hindalco hopes to raise $1.2 billion; other sources have the planned value at over $18 billion.

Novelis is the world's biggest manufacturer of flat-rolled aluminum products, which are used in everything from beverage cans to cars.

The US Securities and Exchange Commission received a secret listing application from the business, which was disclosed in February.