(Reuters) -Aluminum products maker Novelis, owned by Indian conglomerate Aditya Birla Group’s Hindalco Industries, made public its filing for an initial public offering in the United States on Monday.
The company is moving ahead with a listing at a time when the U.S. IPO market is on a rebound this year, after a two-year lull, on hopes of a “soft landing” for the economy, where inflation falls without a recession or big job losses.
Novelis is seeking to complete the planned IPO as soon as early June, Bloomberg News reported, citing people familiar with the matter.
The company could begin formally marketing the deal in about two weeks, according to the report.
Novelis, a leading producer of flat-rolled aluminum products, did not immediately respond to a Reuters request for comment for more details on the IPO.
The company reported net sales of $16.21 billion in fiscal 2024, compared with $18.49 billion a year earlier. Net income in fiscal 2024 was $600 million, compared with $658 million.
Novelis in May reported a rise in its fourth-quarter core profit on strong aluminum demand and higher prices, with the long-term outlook for the company’s earnings expected to increase further, according to analysts.
Hindalco acquired Novelis in 2007 in an all-cash deal.
Novelis, which has rolling and recycling facilities across North America, South America, Europe and Asia, will list on the New York Stock Exchange under the symbol “NVL”.
Morgan Stanley, BofA Securities and Citigroup Global Markets are the lead underwriters for the offering.
(Reporting by Arasu Kannagi Basil and Sneha S K in Bengaluru; Editing by Shounak Dasgupta)
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