The Aditya Birla Group company will offer 45 million common shares, or 7.5%, of Novelis at an estimated price band of $18 - $21 per share, it said in a statement, announcing that it has launched a roadshow for the IPO.
Novelis, a wholly owned subsidiary of Hindalco Industries Limited, expects the selling shareholder to grant the underwriters an option to purchase up to an additional 6,750,000 common shares to cover over-allotments.
Novelis (NVL) Launches Roadshow for 45M Share IPO at $18-$21/sh streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.