Hindalco’s Novelis Files Paper for US IPO

  • Novelis, a subsidiary of Hidalgo Industries Ltd, has filed papers with the US Securities and Exchange Commission for its proposed Initial Public Offering (IPO). 
  • The company’s sole shareholder, A V Minerals (Netherlands) NV, is expected to offer the common shares. 
  • Novelis Inc. will not receive any proceeds from the sale of common shares by its sole shareholder. 
  • Hindalco owns 100% of Novelis through AV minerals. 
  • Novelis is a leading sustainable aluminum solutions provider and operates an integrated network of advanced rolling and recycling facilities across North America, South America, Europe, and Asia. 
  • Morgan Stanley, BofA Securities, and Citigroup will lead book-running managers, with Wells Fargo Securities, Deutsche Bank Securities, and BMO Capital Markets as additional book-running managers. 
  • Novelis will be the second company from the Aditya Birla group to go for listing overseas after Birla Carbon (Thailand).
Posted in Current Affairs.

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