Hindalco’s subsidiary Novelis Inc. proposes Initial Public Offering for common shares in the US
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Update time : 2024-02-22 16:12:44
Novelis Inc., headquartered in Atlanta and a subsidiary of Hindalco Industries, has taken a significant step towards an initial public offering (IPO) by submitting a draft registration statement on Form F-1 to the Securities and Exchange Commission (SEC). This confidential submission pertains to the common shares, which are anticipated to be offered by AV Minerals (Netherlands) N.V., the sole shareholder of Novelis and another subsidiary of Hindalco Industries Limited.
Last week, Novelis Inc., a leading provider of low-carbon aluminium solutions and a global player in aluminium rolling and recycling, released its fiscal year 2024 third-quarter results.
Steve Fisher, the President and CEO of Novelis Inc., expressed satisfaction with the substantial year-over-year improvement in adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and adjusted EBITDA per tonne margin. This positive outcome aligns with their expectations of continued margin recovery throughout the fiscal year.
