Hindalco Industries’ subsidiary, Novelis, has made its initial public offering (IPO) filing public in the United States. The company plans to raise up to $500 million through the IPO, which is expected to take place in the second half of 2023. Novelis is a leading producer of rolled aluminum products and has operations in North America, Europe, Asia, and South America. The company is expected to use the funds raised from the IPO to repay debt and invest in growth initiatives.
The IPO filing reveals that Novelis reported revenue of $11.4 billion and net income of $1.2 billion in 2020. The company has a strong track record of financial performance, with revenue and net income growing by 12% and 22%, respectively, over the past three years. Novelis is expected to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol “NVLS”. The IPO is expected to be a significant milestone for Hindalco, which acquired Novelis in 2007 for $6 billion.