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Indian billionaire Birla said to mull US$1.2 billion in Novelis IPO

by Riah Marton
in Lifestyle
Indian billionaire Birla said to mull  US.2 billion in Novelis IPO
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Billionaire Kumar Mangalam Birla’s Hindalco Industries is considering seeking about US$1.2 billion in a planned initial public offering of US aluminium products maker Novelis, people familiar with the matter said, in what could be one of the year’s biggest share sales. 

Hindalco may target a valuation of about US$18 billion for Atlanta-based Novelis, the people said, asking not to be identified because the matter is private. 

The Indian group could seek to list Novelis on the New York Stock Exchange by September, pending approvals from the US Securities and Exchange Commission, the people said. Novelis is the world’s biggest maker of flat-rolled aluminum products, used in an array of goods, from cars to soda cans. 

Novelis said in February it had filed confidentially for the listing with the SEC.

Deliberations are ongoing and details of the fundraising, including size, could change, the people said. The aluminum products maker may also still decide not to proceed with an IPO, they said.

A representative for Hindalco declined to comment.

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Hindalco purchased Novelis in a multibillion-dollar deal in 2007. The US unit contributed to more than 60 per cent of the Indian company’s revenue last financial year. Under the proposed sale, the stock will be offered by a unit of Hindalco and Novelis won’t receive any proceeds, the people said.

Bank of America and Citigroup are among the banks working on the Novelis listing, Bloomberg News has reported. BLOOMBERG

Tags: BillionBillionaireBirlaIndianIPOmullNovelisUS1.2
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

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