Novelis, an aluminum producer owned by Indian billionaire Kumar Mangalam Birla, has stated that its target valuation for its initial public offering in the United States will be up to US$12.6 billion. The company is the world's largest aluminum recycler, with customers including Coca-Cola, Ford, Jaguar Land Rover, etc. The company plans to sell 45 million shares at a price range of US$18 to US$21 per share, raising a maximum of US$945 million. In recent years, as the stock market has prospered and the economy recovered, companies have chosen to go public one after another, and the initial public offering (IPO) market is on the path to recovery.
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