Novelis notified the Securities and Exchange Commission of its intent to complete an initial public offering. | Ji Jinn/Shutterstock
Novelis, the largest recycler of used beverage cans in the U.S., is making moves to publicly trade the company.
Recycled aluminum beverage sheet producer Novelis confidentially submitted a draft registration statement with the Securities and Exchange Commission “relating to the proposed initial public offering of its common shares,” it announced in a Feb. 20 release.
The common shares will be offered by Novelis’ sole shareholder, a wholly owned subsidiary of Hindalco Industries, and Novelis will not receive any proceeds from the sale of the common shares.
The company “expects to complete the public offering after the SEC completes its review process, subject to market and other conditions,” the release stated.
Bloomberg reported that the company selected Bank of America and Citi bank for its initial public offering.
Atlanta-based Novelis is also in the process of building a $2.5 billion aluminum recycling and rolling plant in Bay Minette, Alabama. The facility will have an initial production capacity of 600,000 metric tons of finished aluminum goods per year and will be the first fully integrated aluminum mill built in the U.S. in four decades.
It’s slated for commissioning in mid-2025. Novelis has already agreed to supply beverage can sheet produced at the plant to major aluminum packaging company Ball.