Novelis files registration statement with US SEC for proposed IPO

In February, Novelis announced plans to pursue a US market IPO of shares to be offered by its sole shareholder - Hindalco

Novelis, Hindalco Industries’ US subsidiary, has filed a registration statement on Form F-1 for its proposed initial public offering (IPO) with US securities regulator Securities and Exchange Commission (SEC), the firm said in a statement on Tuesday.

In February, Novelis had announced plans to pursue a US market IPO, of shares to be offered by its sole shareholder Hindalco. Novelis, a world leader in aluminium rolling and recycling, is currently undertaking a $4.1 billion capital expenditure at its Bay Minette project to add 600 thousand tonnes of aluminium facility in the first phase.

The company said it intends to list its common shares on the New York Stock Exchange (NYS) under the ticker symbol “NVL.”

The common shares are expected to be offered by Novelis’ sole shareholder Hindalco Industries. Novelis is not to receive any proceeds from the sale of common shares by its sole shareholder, the company said in its statement.

The number of shares to be offered and the price range for the proposed offering have not yet been determined, the firm said in its statement.

 

Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions.

The statement added there can be no assurance as to whether or when the offering may be completed, or on the actual size or terms of the offering.

However, according to a Bloomberg news report, the company is seeking to complete the planned US initial public offering as soon as early June, the news agency said, quoting people familiar with the matter.  

The company said 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.