Tycoon Birla’s Novelis Plans US IPO As Soon As June
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 13 2024
0mins
Should l Buy C?
Source: Bloomberg
- Novelis, an aluminum products maker owned by Hindalco, is planning a US initial public offering (IPO) possibly in early June.
- The IPO aims to raise about $1.2 billion for Novelis with a target valuation of around $18 billion.
- Novelis is the world's largest producer of flat-rolled aluminum products used in various industries like automotive and beverage cans.
- The company was acquired by Hindalco in 2007 for approximately $6 billion, including debt.
- Novelis has filed with the US Securities and Exchange Commission for the IPO, and details of the offering, including timing, may change.
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Analyst Views on C
Wall Street analysts forecast C stock price to rise
18 Analyst Rating
15 Buy
3 Hold
0 Sell
Strong Buy
Current: 115.300
Low
87.00
Averages
131.00
High
150.00
Current: 115.300
Low
87.00
Averages
131.00
High
150.00
About C
Citigroup Inc. is a global diversified financial services holding company. The Company’s segments include Services, Markets, Banking, Wealth and U.S. Personal Banking (USPB). The Services segment includes Treasury and Trade Solutions (TTS) and securities services. TTS provides an integrated suite of tailored cash management, trade and working capital solutions to multinational corporations, financial institutions and public sector organizations. The Markets segment provides corporate, institutional and public sector clients around the world with a full range of sales and trading services across equities, foreign exchange, rates, spread products and commodities. The Banking segment includes investment banking, which supports client capital-raising needs to help strengthen and grow their businesses. The Wealth segment includes Private Bank, Wealth at Work and Citigold and provides financial services to a range of client segments. USPB segment includes branded cards and retail services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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