According to a Bloomberg report on Wednesday, May 8, Hindalco Industries Limited is seeking about $1.2 billion in the initial public offering of its US-based unit Novelis. The aim is to list Novelis on the New York Stock Exchange by September 2024.
Hindalco, one of India’s largest aluminium producers, targets to draw a value of $18 billion for Novelis. But Hindalco has refused to comment and so has Novelis on Reuters’ request.
In late February, Novelis confidentially filed paperwork for a US IPO, with sole stakeholder Hindalco selling shares. Bank of America and Citigroup are the two banks working on listing Novelis on New York Stock Exchange.
Earlier this week, Novelis announced its fourth quarter FY2024 fiscal results, disclosing a 6 per cent Y-o-Y growth in net income to $166 million amid a 7 per cent drop in net sales value, partially offset by higher total shipments.
Following the publication of the results, Hindalco’s shares settled 2.2 per cent higher two days ago.
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