Following the IPO, Novelis would list its common shares on the New York Stock Exchange under the ticker symbol ‘NVL’, it added.
Novelis, the US subsidiary of Aditya Birla group firm Hindalco Industries, has filed a registration statement with the Securities and Exchange Commission (SEC) for its proposed initial public offering (IPO).
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This follows a draft registration statement filed by Novelis on a confidential basis in February. A registration statement is a formal filing with the SEC providing disclosures for securities offering.
The number of shares to be offered and the price range for the IPO have not yet been determined. The firm expects to complete the public offering after the SEC completes its review process, subject to market and other conditions, Novelis said in a statement. It did not provide a timeline or size of the IPO.
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The common shares would be offered by Novelis’ sole shareholder and the company will not receive any proceeds from the sale. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering, the aluminium rolling and recycling company said.
Following the IPO, Novelis would list its common shares on the New York Stock Exchange under the ticker symbol ‘NVL’, it added.
Morgan Stanley, BofA Securities and Citigroup are the lead book-running managers for the IPO with Wells Fargo Securities, Deutsche Bank Securities and BMO Capital Markets being additional book-running managers. BNP Paribas, Academy Securities, Credit Agricole CIB, PNC Capital Markets and SMBC Nikko are the co-managers.
In a regulatory update, Hindalco Industries said the common shares were expected to be offered by Novelis’ sole shareholder AV Minerals (Netherlands). On May 6, Bloomberg had reported that Hindalco was seeking about $1.2 billion from Novelis’ IPO, looking at a valuation of about $18 billion for the Atlanta-based company.
