Aluminum-recycling company Novelis announced plans on Tuesday to offer 45 million shares in its upcoming initial public offering (IPO) at an estimated price range of $18 to $21 per share. At the midpoint of this price range, Atlanta-based Novelis aims to raise around $877.5 million. The IPO will be underwritten by Morgan Stanley, BofA Securities, and Citigroup.
A unit of Hindalco Industries, Novelis intends to list its shares on the New York Stock Exchange under the symbol NVL. Hindalco will retain approximately 91.4% of Novelis’ outstanding common shares post-IPO, assuming full exercise of the underwriters’ over-allotment option. With 600 million shares expected to be outstanding after going public, Novelis will have a market capitalization of about $11.7 billion.
In fiscal 2024, Novelis reported a net income of $600 million on sales of $16.2 billion, compared to a net income of $658 million on revenue of $18.5 billion in fiscal 2023. 
