Hindalco Industries Ltd.’s wholly owned American subsidiary, Novelis Inc., has filed confidentially for an initial public offering with the U.S. Securities and Exchange Commission.
Novelis, a sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, has submitted a draft registration statement on Form F-1 with the SEC relating to the proposed IPO of its common shares, the company said in a news release on Tuesday.
The common shares are expected to be offered by Novelis’ sole shareholder—Hindalco. As a result, yhe proceeds of the IPO will go to the flagship company of the Aditya Birla Group and Novelis will not receive any proceeds from the sale of common shares.
Novelis expects to complete the public offering after the SEC finishes its review process, subject to market and other conditions.
Hindalco’s plan to take Novelis public was revealed days after the company said that it will be bidding for critical minerals exploration sites being auctioned by India as the billionaire Kumar Mangalam Birla-owned seeks materials for green energy shift.
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