The Business Bytes
NEW DELHI, MAY 28, 2024 (TBB BUREAU): US-based Novelis Inc., a subsidiary of Hindalco Industries, is set to launch an initial public offering (IPO) to raise up to USD 945 million, with an estimated equity valuation of up to USD 12.6 billion.
In this public issue, approximately 45 million shares will be sold by Novelis Inc.’s sole shareholder, A V Minerals (Netherlands) NV, a wholly-owned subsidiary of Hindalco Industries Ltd. Novelis itself will not receive any proceeds from this offering.
Novelis, a leading producer of innovative aluminium products and solutions and the world’s largest in its field, has announced the launch of its roadshow for the IPO of 45 million common shares held by its sole shareholder.
