May 14, 2024 01:08 PM IST
Novelis files registration statement with US SEC for proposed initial public offering
New Delhi, Hindalco Industries on Tuesday said its arm and US-based aluminum products maker Novelis Inc has filed the registration statement with the US securities regulator, the Securities and Exchange Commission, for its proposed initial public offering.
Novelis will be listing its common shares on the New York Stock Exchange.
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The common shares are expected to be offered by Novelis’ sole shareholder A V Minerals N.V., also, a fully-owned subsidiary of Hindalco Industries Limited.
Novelis Inc will not receive any proceeds from the sale of common shares by its sole shareholder.
In a regulatory filing, the company said “it has filed a registration statement on Form F-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common shares.”
Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions, the company said, adding that “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 registration statement regarding the securities has been filed with the SEC but it has not yet become effective, it added.
Novelis is a subsidiary of Hindalco Industries Ltd, an industry leader in aluminum, copper and metals; and a flagship company of the Aditya Birla Group.
Novelis is a leading sustainable aluminum solutions provider and is into aluminum rolling and recycling. It operates an integrated network of technically advanced rolling and recycling facilities across North America, South America, Europe and Asia.
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.
This article was generated from an automated news agency feed without modifications to text.
