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Novelis files for IPO in US

Novelis files for IPO in US
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New Delhi: Hindalco Industries on Tuesday said its arm and US-based aluminum products maker Novelis Inc has filed the registration statement with the US securities regulator, the Securities and Exchange Commission, for its proposed initial public offering.Novelis will be listing its common shares on the New York Stock Exchange. The common shares are expected to be offered by Novelis’ sole shareholder -- A V Minerals (Netherlands) N.V., also, a fully-owned subsidiary of Hindalco Industries Limited. Novelis Inc will not receive any proceeds from the sale of common shares by its sole shareholder.

In a regulatory filing, the company said, “it has filed a registration statement on Form F-1 with the Securities and Exchange Commission (the SEC) relating to the proposed initial public offering of its common shares.”

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