Novelis Inc., a subsidiary of Hindalco Industries, is planning to launch an initial public offering (IPO) on the New York Stock Exchange as early as June. The company, which is the world’s largest producer of flat-rolled aluminum products, has filed with the US Securities and Exchange Commission for the listing. Novelis is seeking to raise approximately $1.2 billion through the IPO and is targeting a valuation of around $18 billion. The proceeds from the offering will go to Hindalco, as Novelis will not receive any proceeds from the sale. Novelis’ global operations span various industries, including automotive, beverage, and construction. The company’s primary markets are North America, Europe, and Asia. In 2023, Novelis reported annual revenue of approximately $12 billion and employs over 11,000 people worldwide. The IPO is being led by Morgan Stanley, Bank of America, and Citigroup.
Novelis IPO: Hindalco subsidiary eyes $18B valuation, $1.2B raise
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