Hindalco’s Novelis Is Said To Pick BofA, Citi For U.S. IPO
Novelis Inc., an American aluminum products maker owned by Hindalco Industries Ltd., has selected banks for its US initial public offering, according to people familiar with the matter.
(Bloomberg) -- Novelis Inc., an American aluminum products maker owned by Hindalco Industries Ltd., has selected banks for its US initial public offering, according to people familiar with the matter.
Bank of America Corp. and Citigroup Inc. are working on the Atlanta-based company’s share sale, said the people, who asked not to be identified as the information is private. Deliberations are ongoing and more banks could be added, the people said.
Novelis on Tuesday filed confidentially for its listing with the US regulator. All of the shares will be offered by Hindalco, according to a statement, which didn’t provide details such as bank lineup and fundraising size. Hindalco is looking to raise about $1 billion through the IPO, CNBC-TV18 reported on Wednesday, citing unidentified people.
Representatives for Bank of America and Citi declined to comment, while a representative for Hindalco didn’t immediately respond to requests for comment.
Hindalco purchased Novelis in 2007 for in a multibillion-dollar deal. The US unit accounted for more than 60% of the Indian company’s revenue last financial year.
--With assistance from Swansy Afonso.
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