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Aluminum recycler Novelis to raise $945 million in IPO

Written by Stephanie Ritenbaugh


Atlanta-based aluminum products manufacturer Novelis Inc. hopes to raise up to $945 million through its offering of 45 million of its common shares as it launches its IPO roadshow.

The price per common share is estimated to be between $18-$21, according to documents filed with the U.S. Securities and Exchange Commission Tuesday. Novelis, the world’s largest aluminum recycler, is backed by Indian billionaire Kumar Mangalam Birla’s Hindalco Industries.

Novelis has applied to list its common shares on the New York Stock Exchange under the symbol “NVL.”

The company, whose customers include Ball Corporation, Trane Technologies and Jaguar Land Rover, operates 33 facilities in nine countries with about 13,170 employees. It was acquired by Hindalco in 2007. In that time, Novelis has expanded. It acquired Ohio-based aluminum producer Aleris Corporation in 2020. The $2.8-billion deal gave Novelis entry into the aerospace sector and boosted its high-recycled-content building and construction business, as well as its footprint in Asia.

In the United States, Novelis is currently building a greenfield recycling and rolling plant in Bay Minette, Alabama, to serve the North American beverage packaging and automotive markets. That plant is expected to be commissioned in fiscal 2027.

The company reported net income of $600 million in fiscal 2024.

Morgan Stanley, BofA Securities and Citigroup are acting as lead book-running managers for the proposed offering.

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