Hindalco shares jump as US arm Novelis prepares for NYSE listing

Shares of Hindalco Industries Ltd. surged on Wednesday, topping the Nifty50 gainers list.

This uptick follows the announcement that Hindalco’s US-based aluminium products company, Novelis, will list on the New York Stock Exchange (NYSE).

Novelis to offer 45 million shares

Novelis will offer 45 million shares, representing a 7.5% stake, in its initial public offering (IPO) on the NYSE.

The shares are priced between $18 and $21 each. This move is expected to boost the company’s visibility and access to capital markets.

Hindalco shares up 0.75%

At 10 am BST, Hindalco shares were trading at ₹686.40 on the NSE, reflecting a 0.75% increase from the previous session’s closing price.

Over the last six months, Hindalco shares have risen by over 30% and are up 12% so far this year.