May 28 (Reuters) - Novelis, owned by Indian billionaire

Kumar Mangalam Birla's Hindalco Industries, is

targeting a valuation of up to $12.6 billion in its initial

public offering in the United States, the aluminum products

maker said on Tuesday.

The U.S. IPO market has shown positive indications of a

turnaround in 2024, after two sub par years, on hopes of rate

cuts in the second half of the year and a soft landing for the

economy.

The company said its parent is targeting to raise up to $945

million by offering 45 million shares at a price range of $18

and $21 each.

Novelis will list on the New York Stock Exchange under

the symbol "NVL".

Morgan Stanley, BofA Securities and Citigroup Global

Markets are the lead underwriters for the offering.