BENGALURU (Reuters) -Hindalco Industries, owned by Indian billionare Kumar Mangalam Birla, is considering seeking about $1.2 billion in the initial public offering of its U.S.-based unit, Novelis, Bloomberg News reported on Wednesday.
Hindalco, one of India’s largest aluminium and copper producers, may target a valuation of about $18 billion for Novelis, which the Birla group will seek to list on the New York Stock Exchange by September, the report added, citing people familiar with the matter.
Hindalco declined to comment on the report.
Novelis, the world’s leading producer of flat-rolled aluminum products, said in late February that it had confidentially filed paperwork for a U.S. IPO, with sole stakeholder Hindalco selling shares.
Bank of America, Citigroup are among banks working for Novelis’ listing, Bloomberg reported. It did not mention how much stake Hindalco planned to sell.
(Reporting by Manvi Pant in Bengaluru; Editing by Savio D’Souza)
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