Hot Pursuit     21-Feb-24
Hindalco Inds gains as Novelis files for US IPO
Hindalco Industries added 2.03% to Rs 522.20 after its fully owned subsidiary, Novelis Inc. announced that it has confidentially submitted a filing for initial public offering (IPO) with the US Securities and Exchange Commission (SEC).
Novelis Inc. has confidentially submitted a draft registration statement on form F-1 with the US SEC relating to the proposed initial public offering of its common shares. The common shares are expected to be offered by Novelis’ sole shareholder i.e., A V Minerals (Netherlands) N.V., a fully owned subsidiary of Hindalco Industries.

Further, Novelis will not receive any proceeds from the sale of common shares by its sole shareholder. It expects to complete the public offering after the SEC completes its review process, subject to market and other conditions.

Under confidential IPO filing, the DRHP (containing vital information about the company's business and financials) is made available only to the regulator and not to the public at large.

Novelis Inc. is a leading global provider of sustainable aluminum solutions and the world leader in aluminum rolling and recycling.

Hindalco Industries' wholly-owned subsidiary, Novelis Inc, reported net income of $121 million in Q3 FY24, significantly higher from $12 million in Q3 FY23. However, net sales declined 6.33% YoY to $3,935 million for the third quarter of FY24,

Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the world's largest aluminium company by revenues, and a major player in copper. It is also one of Asia's largest producers of primary aluminium.

The Aditya Birla Group company’s consolidated net profit climbed 71.14% to Rs 2,331 crore in Q3 FY24 as against with Rs 1,362 crore posted in Q3 FY23. Revenue from operations declined 0.64% YoY to Rs 52,808 crore during the quarter.

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