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Hindalco shares jump as US arm Novelis prepares for NYSE listing

Published 29-05-2024, 02:56 pm
Hindalco shares jump as US arm Novelis prepares for NYSE listing

Shares of Hindalco Industries Ltd. (NS:HALC) 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.

This article first appeared on Invezz.com

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