Novelis, a US-based aluminum roller and recycler owned by India's Hindalco, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $1.3 billion.
Novelis states that it is the world’s largest recycler of aluminum. The company provides low-carbon aluminum solutions, partnering with suppliers and customers in beverage packaging, automotive, aerospace, and specialties markets globally. Throughout North America, Europe, Asia, and South America, Novelis has an integrated network of 32 facilities, including 14 recycling centers. For the FY24, the company had total flat-rolled product shipments of 3,673 kilotonnes.
The Atlanta, GA-based company was founded in 2004 and booked $16.2 billion in revenue for the 12 months ended March 31, 2024. It plans to list on the NYSE under the symbol NVL. Novelis filed confidentially on June 3, 2022. Morgan Stanley, BofA Securities, Citi, Wells Fargo Securities, Deutsche Bank, and BMO Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
