Billionaire Birla’s Hindalco Prepares US Listing for Novelis
- Novelis submitted draft documents to the US SEC for sale
- Shares of Hindalco jumped as much as 5.2% on Wednesday
Photographer: Paulo Fridman/Bloomberg
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Billionaire Kumar Mangalam Birla plans a US listing for Novelis Inc., the world’s largest maker of flat-rolled aluminum products used in everything from cars to soda cans.
Atlanta-based Novelis has submitted a draft registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common shares, the company said. Stock will be offered by a unit of parent Hindalco Industries Ltd. and Novelis won’t receive any proceeds from the sale, it said.