Atlanta-based Novelis Inc. has announced that it has confidentially submitted a draft registration statement for an IPO of its common shares. The shares are expected to be offered by Novelis’ sole shareholder, AV Minerals (Netherlands) N.V. The company will not receive proceeds from the sale. Novelis is a sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling.
Novelis Inc., a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, reported results for the third quarter of fiscal year 2024 last week. “Novelis delivered a substantial year-over-year improvement in adjusted EBITDA and adjusted EBITDA per tonne margin, in line with our expectations of continued margin recovery this fiscal year,” said Steve Fisher, President, and CEO, Novelis Inc.
The company is constructing a state-of-the-art, greenfield rolling and recycling plant in Bay Minette, Alabama, which is anticipated to initially produce 600 kilo tonnes of finished goods for the beverage packaging and automotive markets in North America. This is the first fully-integrated aluminum plant built in the US in nearly 40 years, and the largest project in the company’s history. With a high level of project engineering complete, and all key equipment and the majority of materials contracted, the project capital cost is now expected to be $4.1 billion, the company said.
The common shares are expected to be offered by Novelis’ sole shareholder, i.e., AV Minerals (Netherlands) N.V., a fully-owned subsidiary of Hindalco Industries Limited. Novelis will not receive any proceeds from the sale of common shares by its sole shareholder. Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions.
The proposed IPO and the construction of the new plant in Alabama reflect Novelis’ continued commitment to growth and innovation in the aluminum industry. The company’s leadership in sustainability and technological advancements positions it as a major player in the global aluminum market. The completion of the IPO and the new plant will likely have a significant impact on Novelis’ position in the industry and its ability to serve its customers.
In conclusion, Atlanta-based Novelis Inc. has announced its plan to go public with an IPO of its common shares, and the company is also making significant investments in the construction of a new plant in Alabama. These developments reflect Novelis’ commitment to growth and innovation in the aluminum industry, and the company’s continued leadership in sustainability and technology.
