New Delhi: Atlanta-based Novelis Inc., a fully-owned subsidiary of Hindalco Industries, has announced that it has confidentially submitted a draft registration statement on Form F-1 with the Securities and Exchange Commission (the SEC) relating to the proposed initial public offering (IPO) of its common shares. “Novelis delivered a substantial year-over-year improvement in adjusted EBITDA and adjusted EBITDA per tonne margin, in line with our expectations of continued margin recovery this fiscal year,” said Steve Fisher, President and CEO, Novelis Inc. The common shares are expected to be offered by Novelis’ sole shareholder, i.e., AV Minerals (Netherlands) N.V., a fully-owned subsidiary of Hindalco Industries Limited. Novelis will not receive any proceeds from the sale of common shares by its sole shareholder.
Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions.
