Aditya Birla subsidiary Novelis files for IPO in US – Check price range, ticker symbol

Novelis Inc, an Aditya Birla subsidiary, has filed for an IPO in the United States, offering 45 million shares at a price range of $18-21 a share. Novelis plans to list its common shares on the New York Stock Exchange (NYSE) under the ticker symbol NVL.

In the pre-effective amendment to an F-1 filing, Novelis states – Following this offering, Hindalco Industries Limited whose wholly owned subsidiary, AV Minerals (Netherlands) N.V. (the “selling shareholder”), is our existing sole shareholder, will beneficially own approximately 92.5% of our outstanding share capital.

Hindalco will, therefore, control approximately 92.5% of the voting power of our outstanding share capital following the offering, assuming no exercise of the underwriters’ option to purchase additional shares. As a result, we will be a “controlled company” within the meaning of the corporate governance standards of the NYSE.”

Novelis Inc., a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, had earlier announced that it has filed a registration statement on Form F-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common shares. Novelis will not receive any proceeds from the sale of common shares by its sole shareholder.

Morgan Stanley, BofA Securities and Citigroup will act 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 will act as co-managers for the proposed offering.

As the leading producer of flat rolled aluminum products and world’s largest recycler of aluminum, Novelis partners with customers in the aerospace, automotive, beverage can and specialties industries to deliver solutions that maximize the benefits of lightweight aluminum throughout North America, Europe, Asia and South America.

Novelis is a subsidiary of Hindalco Industries Limited, an industry leader in aluminum and copper, and the metals flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India.