(Reuters) – Aluminum recycler 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 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 in Bengaluru; Editing by Shounak Dasgupta)
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