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Birla eyes $1.2 billion from Novelis IPO – Times of India

Billionaire Kumar Mangalam Birla's Hindalco Industries is considering seeking about $1.2 billion in a planned IPO of US aluminium products maker Novelis, people familiar with the matter said, in what could be one of the year's biggest share sales.Hindalco may target a valuation of about $18 billion for Atlanta-based Novelis, the people said. The group could seek to list Novelis in New York by Sept, pending approvals from the US Securities and Exchange Commission, the people said.Novelis is the world's biggest maker of flat-rolled aluminium products, used in an array of goods, from cars to soda cans. Novelis said in February it had filed confidentially for the listing with the SEC.Deliberations are ongoing and details of the fundraising, including size, could change, the people said. The...