Novelis launches IPO roadshow

Novelis Aluminium

Novelis Inc., a leading sustainable aluminium solutions provider and the world leader in aluminium rolling and recycling, has launched a roadshow for the initial public offering (IPO) of 45,000,000 of its common shares held by Novelis’ sole shareholder (a wholly owned subsidiary of Hindalco Industries). 

Novelis expects the selling shareholder to grant the underwriters an option to purchase up to an additional 6,750,000 common shares to cover over-allotments, if any, for 30 days after the date of the final prospectus. The IPO’s price per common share is currently estimated to be between $18.00 and $21.00 per share. Novelis has applied to list its common shares on the New York Stock Exchange under the symbol “NVL.”

Novelis will not receive any proceeds from the sale of common shares by its sole shareholder.

After the completion of the IPO, a wholly owned subsidiary of Hindalco will own 555,000,000 shares of Novelis’ common shares, representing 92.5% of Novelis’ total outstanding common shares (or 91.4% if the underwriters exercise in full their over-allotment option).

Morgan Stanley, BofA Securities and Citigroup are acting 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 are acting as co-managers for the proposed offering.

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