Active Stocks
Thu Jun 13 2024 15:59:47
  1. Tata Steel share price
  2. 182.50 0.14%
  1. State Bank Of India share price
  2. 843.90 0.57%
  1. Wipro share price
  2. 482.40 1.15%
  1. NTPC share price
  2. 369.95 -0.38%
  1. Tata Motors share price
  2. 985.75 -0.29%
Business News/ Companies / News/  Kumar Mangalam Birla’s Novelis plans $1.2 billion worth US IPO as early as June, targets $18 billion valuation
BackBack

Kumar Mangalam Birla’s Novelis plans $1.2 billion worth US IPO as early as June, targets $18 billion valuation

Novelis Inc., owned by Hindalco Industries Ltd., plans to complete a US IPO in early June to raise $1.2 billion with a target valuation of $18 billion. The company filed publicly with the SEC and is working with Morgan Stanley, Bank of America, and Citigroup for the NYSE listing.

File image of Kumar Mangalam Birla, chairman of Aditya Birla Group, Grasim Industries, and Hindalco Industries. (Bloomberg / Anindito Mukherjee)Premium
File image of Kumar Mangalam Birla, chairman of Aditya Birla Group, Grasim Industries, and Hindalco Industries. (Bloomberg / Anindito Mukherjee)

Novelis Inc., the aluminum products maker owned by billionaire Kumar Mangalam Birla’s Hindalco Industries Ltd., is seeking to complete a planned US initial public offering as soon as early June, according to people familiar with the matter.

The company, owned by a unit of India’s Hindalco, could begin formally marketing the deal in about two weeks, they said, asking not to be identified as the information isn’t public. Novelis on Monday filed publicly with the US Securities and Exchange Commission for the listing.

Also Read | Novelis IPO: Kumar Mangalam Birla’s Hindalco Industries eyes $1.2 billion IPO for its US subsidiary

Hindalco is seeking to raise about $1.2 billion in the IPO for Atlanta-based Novelis and may target a valuation of about $18 billion, Bloomberg News has reported. 

Details of the offering including timing could change, the people said. A representative for Novelis declined to comment. 

Also Read | Hindalco takes its crown jewel to the public

Novelis is working with Morgan Stanley, Bank of America Corp. and Citigroup Inc. on the potential New York Stock Exchange listing, the filing shows. The stock will be offered by a Hindalco subsidiary and Novelis won’t receive any proceeds of the sale, the filing shows.

Novelis is the world’s biggest maker of flat-rolled aluminum products, used in an array of goods, from cars to soda cans. The company said in February it had filed confidentially for the listing with the US Securities and Exchange Commission.

Also Read | Novelis could be a good bet if valuations top $10 billion

Hindalco purchased Novelis in 2007 at about a $6 billion valuation including debt, a filing from the time shows. About 42% of Novelis’ global net sales come from North America, according to its IPO filing.

Disclaimer: This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 May 2024, 07:15 AM IST
Next Story footLogo
Recommended For You