Aditya Birla subsidiary Novelis files for US IPO, to offer 45 million shares for $18-21
Novelis US IPO: Novelis, a wholly owned subsidiary of Hindalco Industries Limited, expects the selling shareholder to grant the underwriters an option to purchase up to an additional 6,750,000 common shares to cover over-allotments.
- May 28, 2024,
- Updated May 28, 2024 5:29 PM IST
Aditya Birla's subsidiary Novelis, which is a leading sustainable aluminum solutions provider, has filed for an IPO in the US, where it is offering 45 million shares in a price band of $18-21 per share. Novelis has applied to list its common shares on the New York Stock Exchange under the symbol “NVL.” Aditya Birla's subsidiary Novelis Inc filed Form F-1 with the SEC on May 14.
Novelis, a wholly owned subsidiary of Hindalco Industries Limited, expects the selling shareholder to grant the underwriters an option to purchase up to an additional 6,750,000 common shares to cover over-allotments, if any, for 30 days after the date of the final prospectus. The aluminum products maker said on Tuesday, that it is targeting a valuation of up to $12.6 billion in its US IPO.
Novelis will not receive any proceeds from the sale of common shares by its sole shareholder.
After the completion of the IPO, a wholly owned subsidiary of Hindalco will own 555,000,000 shares of Novelis’ common shares, representing 92.5% of Novelis’ total outstanding common shares or 91.4% if the underwriters exercise in full their over-allotment option.
Morgan Stanley, BofA Securities and Citigroup are acting as lead book-running managers for the proposed offering with Wells Fargo Securities, Deutsche Bank Securities and BMO Capital Markets acting as additional book-running managers. BNP PARIBAS, Academy Securities, Credit Agricole CIB, PNC Capital Markets LLC and SMBC Nikko are acting as co-managers for the proposed offering.
Aditya Birla's subsidiary Novelis, which is a leading sustainable aluminum solutions provider, has filed for an IPO in the US, where it is offering 45 million shares in a price band of $18-21 per share. Novelis has applied to list its common shares on the New York Stock Exchange under the symbol “NVL.” Aditya Birla's subsidiary Novelis Inc filed Form F-1 with the SEC on May 14.
Novelis, a wholly owned subsidiary of Hindalco Industries Limited, expects the selling shareholder to grant the underwriters an option to purchase up to an additional 6,750,000 common shares to cover over-allotments, if any, for 30 days after the date of the final prospectus. The aluminum products maker said on Tuesday, that it is targeting a valuation of up to $12.6 billion in its US IPO.
Novelis will not receive any proceeds from the sale of common shares by its sole shareholder.
After the completion of the IPO, a wholly owned subsidiary of Hindalco will own 555,000,000 shares of Novelis’ common shares, representing 92.5% of Novelis’ total outstanding common shares or 91.4% if the underwriters exercise in full their over-allotment option.
Morgan Stanley, BofA Securities and Citigroup are acting as lead book-running managers for the proposed offering with Wells Fargo Securities, Deutsche Bank Securities and BMO Capital Markets acting as additional book-running managers. BNP PARIBAS, Academy Securities, Credit Agricole CIB, PNC Capital Markets LLC and SMBC Nikko are acting as co-managers for the proposed offering.