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Novelis, Hindalco's subsidiary, files draft papers for US IPO – details

Updated on February 20, 2024, 9:34 PM IST

Hindalco's subsidiary Novelis Inc., a well-known sustainable aluminum solutions provider and global leader in aluminum rolling and recycling, has filed a draft registration statement on Form F-1 with the Securities and Exchange Commission (SEC).

Novelis, Hindalco's subsidiary (Image source: iStockphoto)

Hindalco's subsidiary Novelis Inc., a well-known sustainable aluminum solutions provider and global leader in aluminum rolling and recycling, has filed a draft registration statement on Form F-1 with the Securities and Exchange Commission (SEC). This filing relates to the proposed initial public offering (IPO) of its common stock in the U.S. markets. The common shares are expected to be offered by the sole shareholder of Novelis, a wholly owned subsidiary of Hindalco Industries Limited.

According to the company's filing with NSE, “Novelis Inc., a leading provider of sustainable aluminum solutions and global leader in aluminum rolling and recycling, today announced that it has filed confidentially

Draft registration statement on Form F-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. Novelis will not receive any proceeds from the sale of common stock by its sole shareholder.

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Completion of the public offering is expected after the SEC completes its review process, depending on market conditions and other relevant factors.

On Tuesday, shares of Hindalco closed at Rs 512. The stock's 52-week high and low are Rs 620.50 and Rs 381, respectively.

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