Novelis, a leading provider of sustainable aluminum solutions and the world leader in aluminum rolling and recycling, has announced the launch of a roadshow for the initial public offering (IPO) of 45,000,000 of its common shares. These shares are held by Novelis’ sole shareholder, a wholly owned subsidiary of Hindalco Industries Limited. The selling shareholder is expected to grant the underwriters an option to purchase up to an additional 6,750,000 common shares to cover over-allotments, if any, within 30 days after the final prospectus date.
The IPO price per common share is estimated to be between $18.00 and $21.00. 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 these shares by its sole shareholder. Post-IPO, a wholly owned subsidiary of Hindalco will retain ownership of 555,000,000 shares of Novelis’ common shares, representing 92.5% of the total outstanding common shares (or 91.4% if the underwriters exercise their over-allotment option in full).
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 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 offering. 
