Aditya Birla's company is bringing IPO in America!!!
Aditya Birla's company is bringing IPO in America!!!Amid the buzz of IPOs in the indian market, Aditya Birla Group is going to enter the American stock market. The IPO of an Aditya Birla Group company may soon be launched in the US market, for which other details including the price band have come out.Proposed price band of IPOThis proposed IPO is of Novelis, which is the US subsidiary of Hindalco Industries, one of the major companies of the Aditya Birla Group. A price band of $18 to $21 per share has been fixed for this IPO. That is, in indian money, the price band of the IPO is approximately Rs 1500 to Rs 1,750 per share.The data-size can be this bigThe total data-size of Novelis' IPO is estimated to be $931.5 million to $1.08 billion. Through the proposed IPO, AV Minerals (Netherlands) and another shareholder will reduce their stake in Novelis. After the IPO, the company's shares will be listed on the US market. After that, Hindalco's stake in Novelis will be reduced to 92.50 percent.Green-shoe option with IPOThis IPO also has a green-shoe option. That means the data-size of the IPO can be increased. On exercising the green-shoe option, the data-size of the IPO will cross $1 billion, while after that Hindalco Industries' stake in Novelis will be further reduced to 91.40 percent.These IPOs are in the queue in the US marketThe US stock market was sluggish for some time. However, recently some new IPOs have been launched in the US market. They include social media company Reddit and China's electric vehicle company Zikar. Both the IPOs have also received a good response in the market. In the coming days, apart from Hindalco's subsidiary Novelis, IPOs of Westar and Mexico's aviation company Grupo Aeromexico are also going to be launched. Novelis is an Atlanta-based American aluminum company. The company manufactures rolled aluminum and also recycles aluminum.