(Bloomberg) -- Aluminum producer Novelis Inc. is seeking to raise as much as $945 million in a US initial public offering that could be another test for the resurgent market for first-time share sales.

Novelis, owned by billionaire Kumar Mangalam Birla’s Hindalco Industries Ltd., plans to sell 45 million shares for $18 to $21 each, according to a filing Tuesday. Hindalco will own about 92.5% of the company after the IPO.

At the top of the indicated range, Novelis would have a market value of about $12.6 billion, based on the outstanding shares listed in its filing with the US Securities and Exchange Commission.

Novelis has been on a decade-long drive to boost production capacity and is the world’s largest aluminum recycler, operating 14 scrap-processing plants across North America, Europe, Asia and South America. The world’s biggest maker of flat-rolled aluminum products ranging from cars to soda cans, said in February it had filed confidentially for the listing with regulators.

Hindalco purchased Novelis in 2007 at about a $6 billion valuation including debt, a filing from the time shows. About 42% of Atlanta-based Novelis’s global net sales come from North America, according to its IPO filing.

The company made $600 million in net income in the year to March, down 9.5% year on year, the company said in a filing earlier this month. Competitors including Norsk Hydro ASA and Alcoa Corp have reported lower earnings too.

The decline came as elevated interest rates, inflation and geopolitical tensions weighed on demand for some of its products, particularly in areas like building and construction. It has put cost-control measures in place across its business in response higher energy, freight and labor prices, but warned that it may not be able to mitigate the impact of higher input prices indefinitely.

Novelis is working with Morgan Stanley, Bank of America Corp., Citigroup Inc., Wells Fargo, Deutsche Bank AG and Bank of Montreal as underwriters on the listing. The company plans for its shares to trade on the New York Stock Exchange.

(Updates with additional detail throughout.)

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