STOCK Aditya Birla Novelis
A logo is pictured on the facility of flat-rolled aluminum producer Novelis, part of Aditya Birla Group, in Sierre, Switzerland. Image Credit: Reuters

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 US IPO market has shown positive indications of a turnaround in 2024, after two sub par years, on hopes of rate cuts in the second half of the year and a soft landing for the economy.

The company said its parent is targeting to raise up to $945 million by offering 45 million shares at a price range of $18 and $21 each.

Novelis will list on the New York Stock Exchange under the symbol 'NVL'.

Morgan Stanley, BofA Securities and Citigroup Global Markets are the lead underwriters for the offering.