Novelis, a US-based aluminum roller and recycler owned by India's Hindalco, announced terms for its IPO on Tuesday.
The Atlanta, GA-based company plans to raise $878 million by offering 45 million shares (100% secondary) at a price range of $18 to $21. At the midpoint of the proposed range, Novelis would command a market value of $11.7 billion. The company currently intends to pay a quarterly dividend.
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.
Novelis 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. Morgan Stanley, BofA Securities, Citi, Wells Fargo Securities, Deutsche Bank, and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 3, 2024.
