Mumbai: Novelis Inc, the US-based aluminium products company of the Aditya Birla Group-controlled Hindalco Industries, is set to list on the New York Stock Exchange in around two weeks, people aware of the matter said.
Novelis on Tuesday launched a roadshow for its proposed initial public offering (IPO), where Indian parent Hindalco plans to sell 45 million shares, or a 7.5% stake, in the company at $18-21 per share.
Hindalco will raise up to $945 million at the upper end of the proposed price range. Including a greenshoe option, whereby it could offer another 6.75 million shares or a 1.1% stake in case of overallotment, the total proceeds for the sole shareholder of Novelis could go up to $1.09 billion.
Novelis, which is the world’s largest recycler of aluminium sheets, has a major presence in beverage packaging, automobiles and aerospace. Hindalco acquired it in 2007 for $6 billion, one of the largest purchases in the industry at the…
