Novelis Inc., a progeny of Aditya Birla, has initiated proceedings for an initial public offering (IPO) within the United States jurisdiction, tendering 45 million shares priced between $18 and $21 each. These common shares are anticipated to be traded on the New York Stock Exchange (NYSE) under the emblem NVL.
In a pre-effective modification to its F-1 dossier, Novelis articulates: Post-offering, Hindalco Industries Limited, whose wholly owned appendage, AV Minerals (Netherlands) N.V. (the “vending shareholder”), constitutes our current exclusive shareholder, will retain beneficial ownership of approximately 92.5% of our outstanding equity. Consequently, Hindalco will command about 92.5% of the voting influence over our equity, contingent upon the underwriters’ option to refrain from acquiring additional shares. Hence, we will be designated as a “controlled company” pursuant to the NYSE corporate governance protocols.
Novelis Inc., a preeminent provider of sustainable aluminum solutions and the global vanguard in aluminum rolling and recycling, previously divulged the submission of a registration statement on Form F-1 to the Securities and Exchange Commission (SEC) concerning the proposed IPO of its common shares. Notably, Novelis will not accrue any financial returns from the common shares sold by its solitary shareholder.
Morgan Stanley, BofA Securities, and Citigroup will assume the role of principal book-running managers for the forthcoming offering, with Wells Fargo Securities, Deutsche Bank Securities, and BMO Capital Markets as auxiliary book-running managers. BNP PARIBAS, Academy Securities, Credit Agricole CIB, PNC Capital Markets LLC, and SMBC Nikko will serve as co-managers for the proposed offering.
As the foremost fabricator of flat-rolled aluminum products and the preeminent recycler of aluminum globally, Novelis collaborates with clientele in aerospace, automotive, beverage can, and specialty sectors to furnish solutions that leverage the advantages of lightweight aluminum across North America, Europe, Asia, and South America.
Novelis operates under the aegis of Hindalco Industries Limited, a luminary in aluminum and copper, and the metals flagship entity of the Aditya Birla Group, a Mumbai-headquartered multinational conglomerate.
