Novelis has launched a roadshow for the initial public offering of 45 million of its common shares held by Novelis' sole shareholder, a subsidiary of Hindalco Industries. Novelis expects the selling shareholder to grant the underwriters an option to purchase up to an additional 6.75 million common shares to cover over-allotments, if any, for 30 days after the date of the final prospectus. After the completion of the IPO, a subsidiary of Hindalco will own 555 milllion shares of Novelis' common shares, representing 92.5% of Novelis' total outstanding common shares.
The IPO's price per common share is estimated to be between $18.00 and $21.00 per share. Novelis has applied to list common shares on the NYSE under the symbol, NVL.
Novelis is a subsidiary of Hindalco Industries, and the metals flagship company of the Aditya Birla Group.
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