Novelis, owned by Indian billionaire Kumar Mangalam Birla's Hindalco Industries, is targeting a valuation of up to $12.6 billion in its initial public offering in the United States, the aluminum products maker said on Tuesday.
The world's largest recycler of aluminum, whose customers include Coca-Cola, Ford, Jaguar LandRover, said its parent is looking to raise up to $945 million through the sale of 45 million shares at a price of $18 to $21 per share.
After being on ice for the last two years, the IPO market is on the road to recovery as a booming stock market and economic resilience spur companies to list their shares.
Social media company Reddit and Chinese electric vehicle maker Zeekr received strong responses to their stock flotations earlier in the year.
The IPO calendar for the second half also looks solid with companies such as healthcare payments firm Waystar and Mexican airline Grupo Aeroméxicoaiming to go public.
Waystar said earlier in the day that it was targeting a valuation of up to $3.83 billion in a fresh listing.
Novelis, which has rolling and recycling facilities across North America, South America, Europe and Asia, will list on the New York Stock Exchange under the symbol "NVL".
The Atlanta, Georgia-based company was acquired in 2007 by aluminum and copper manufacturing company Hindalco, a unit of Indian multinational conglomerate Aditya Birla Group, headquartered in Mumbai.
Morgan Stanley, BofA Securities and Citigroup Global Markets are the lead underwriters for the offering.