Hindalco subsidiary Novelis files with SEC for IPO

Novelis Inc. files for IPO with SEC, offering common shares on NYSE under ticker symbol "NVL."

 Novelis Inc., a sustainable aluminium solutions provider and the world leader in aluminium rolling and recycling, has announced that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common shares.

 The common shares are expected to be offered by Novelis’ sole shareholde Hindalco Industries Lid of the Aditya Birla Group. 

Novelis will not receive any proceeds from the sale of common shares by its sole shareholder, the company said in statement. 

Novelis intends to list its common shares on the New York Stock Exchange under the ticker symbol “NVL.”

The number of shares to be offered and the price range for the proposed offering have not yet been determined. 

The company is expected to complete the public offering after the SEC completes its review process, subject to market and other conditions. 

“There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering,” it said in the statement.