Novelis IPO in US SEC: A potential booster for base metals major Hindalco

Base metals major Hindalco’s overseas subsidiary, Novelis, has submitted a draft registration with the US Securities and Exchange Commission (SEC) for the proposed public offering of promoters’ shares.

Novelis' sole shareholder, AV Minerals (Netherlands) NV, is a 100 per cent subsidiary of Hindalco.

Novelis would not receive any proceeds from the sale. Assuming SEC clearance could go through in about 6 months. It is not stated how much of a stake is to be put on the block.

The monetisation proceeds could be used to fund ongoing capex for Novelis’ Bay Minette facility.

The company recently stated that costs for