Novelis Inc., a wholly-owned subsidiary of Hindalco Industries Limited, has announced the commencement of a roadshow for its IPO.

What Happened: The announcement was made on Tuesday evening. The shares are held by Novelis’ sole shareholder, A.V Minerals (Netherlands) N.V., which is also a wholly owned subsidiary of Hindalco.

The IPO’s price per common share is estimated to be between $18.00 and $21.00. The steel major has applied to list its common shares on the New York Stock Exchange under the symbol “NVL.” The company plans to raise around $945 million (around ₹7,850 crore) at a valuation of $12.6 billion (around ₹1.04 lakh crore).

Novelis will not receive any proceeds from the sale of common shares by its sole shareholder. After the IPO, a wholly-owned subsidiary of Hindalco will own 555,000,000 shares, representing a 92.5% stake in the company.

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Morgan Stanley, BofA Securities, and Citigroup are acting as lead book-running managers for the proposed offering. Earlier this month, Novelis had filed a registration statement with the US Securities and Exchange Commission, outlining its intention to list its common shares on the NYSE.

Hindalco recently reported a 31.6% YoY jump in consolidated net profit to ₹3,174 crore in the March quarter, leading to a surge in its share price as brokerages maintained their “buy” calls on the company.

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