ATLANTA, May 28, 2024
/PRNewswire/ -- Novelis Inc., a leading sustainable aluminum
solutions provider and the world leader in aluminum rolling and
recycling, today announced it has launched a roadshow for the
initial public offering (IPO) of 45,000,000 of its common shares
held by Novelis' sole shareholder (a wholly owned subsidiary of
Hindalco Industries Limited). Novelis expects the selling
shareholder to grant the underwriters an option to purchase up to
an additional 6,750,000 common shares to cover over-allotments, if
any, for 30 days after the date of the final prospectus. The IPO's
price per common share is currently estimated to be between
$18.00 and $21.00 per share. Novelis has applied to list its
common shares on the New York Stock Exchange under the symbol
"NVL."
Novelis will not receive any proceeds from the sale of common
shares by its sole shareholder.
After the completion of the IPO, a wholly owned subsidiary of
Hindalco will own 555,000,000 shares of Novelis' common shares,
representing 92.5% of Novelis' total outstanding common shares (or
91.4% if the underwriters exercise in full their over-allotment
option).
Morgan Stanley, BofA Securities and Citigroup are acting as lead
book-running managers for the proposed offering with Wells Fargo
Securities, Deutsche Bank Securities and BMO Capital Markets acting
as additional book-running managers. BNP PARIBAS, Academy
Securities, Credit Agricole CIB, PNC Capital Markets LLC and SMBC
Nikko are acting as co-managers for the proposed offering.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has
not yet become effective. These securities may not be sold, nor may
offers to buy be accepted, prior to the time the registration
statement becomes effective. The IPO will be made only by means of
a prospectus. A copy of the preliminary prospectus relating to the
IPO may be obtained from: Morgan Stanley & Co. LLC, Attention:
Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone:
1-866-718-1649, email: prospectus@morganstanley.com; BofA
Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001,
Attention: Prospectus Department, or by email at
dg.prospectus_requests@bofa.com; or Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone:
800-831-9146.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities. Any offers,
solicitations of offers to buy, or any sales of securities will be
made in accordance with the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act").
About Novelis
Novelis Inc. is driven by its purpose of shaping a sustainable
world together. We are a global leader in the production of
innovative aluminum products and solutions and the world's largest
recycler of aluminum. Our vision is to advance aluminum as the
material of choice with circular solutions. To achieve this vision,
we partner with our suppliers, as well as our customers in the
aerospace, automotive, beverage packaging and specialties
industries throughout North
America, Europe,
Asia and South America. Novelis is a subsidiary of
Hindalco Industries Limited, an industry leader in aluminum and
copper, and the metals flagship company of the Aditya Birla Group,
a multinational conglomerate based in Mumbai.
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SOURCE Novelis