Yahoo Finance Aluminum products maker Novelis confidentially files for US IPO
Feb 20 (Reuters) - Aluminum products maker Novelis said on Tuesday it had confidentially filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering of its stock.
After a dry spell for much of 2022 and 2023, U.S. IPOs are expected to make a comeback this year.
The shares sold in the Novelis IPO are expected to be offered by the Atlanta, Georgia-based company's sole stakeholder Hindalco Industries, part of India's Aditya Birla Group.
Novelis is among several firms seeking to gauge investor interest in new listings.
Several other companies including social media firm Reddit, cloud-security company Rubrik and software firm ServiceTitan are also expected to go public this year.
Novelis is a leading producer of flat-rolled aluminum products and has rolling and recycling facilities across North America, South America, Europe and Asia.
The company which had net sales of $18.5 billion in fiscal 2023, will not receive any proceeds from the share sale.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Anil D'Silva and Shounak Dasgupta)
