KO - Aluminum Recycler Novelis To Hold U.S. IPO
2024-05-28 09:55:18 ET
Novelis, the world's largest recycler of %Aluminum , has announced plans to hold an initial public offering (IPO) in the U.S.
Headquartered in Atlanta, Georgia, Novelis is majority owned by Indian billionaire Kumar Mangalam Birla's Hindalco Industries (HALC).
Current customers of Novelis include %CocaCola (NYSE: ) and %FordMotorCo NYSE: ), among others.
The aluminum company says it is targeting a valuation of $12.6 billion U.S. in its New York IPO.
The company is looking to raise up to $945 million U.S. through the sale of 45 million shares at a price of $18 U.S. to $21 U.S. per share.
Novelis, which has aluminum rolling and recycling facilities across North America and around the world, will list on the New York Stock Exchange by the end of June under the ticker symbol “NVL.”
The company was acquired in 2007 by aluminum and copper manufacturing company Hindalco, a unit of Indian multinational conglomerate Aditya Birla Group that is headquartered in Mumbai.
The Novelis IPO comes as the market for new stock listings heats up after being largely dormant over the past two years.
Since last fall, several high-profile companies have gone public, including social media company Reddit (RDDT) and semiconductor designer Arm Holdings (ARM).
The price of aluminum has risen 5% in the last month and currently trades at $2,722 U.S. per tonne on the London Metals Exchange.