Clarios launches IPO valuing battery maker at $ 11.2 billion – .

Clarios launches IPO valuing battery maker at $ 11.2 billion – .

Clarios International on Tuesday launched an initial public offering valuing the battery maker at $ 11.2 billion, more than three times what a consortium led by Brookfield Asset Management Inc. paid for the company it two years ago.

Clarios, based in Milwaukee, Wisconsin, said in a regulatory filing that she plans to sell 88.1 million shares for between US $ 17 and US $ 21 each, which would earn US $ 1.85 billion at the peak of this range, and would value the company’s equity at US $ 11.2. -billion. Clarios’ enterprise value, including debt, is estimated to be around US $ 18 billion.

Private investors Brookfield and Caisse de dépôt et placement du Québec bought Clarios from Johnson Controls International in 2019 for an enterprise value of US $ 13.2 billion, paying for the acquisition with US $ 3 billion in equity and US $ 10.2 billion in debt.

The story continues under the ad

Toronto-based Brookfield and Montreal-based Caisse affiliates will continue to own 80.1% of Clarios shares after the offer, the company said.

Clarios sells its products in more than 140 countries, with a third of the cars in circulation in the world using its batteries, according to its website. Clarios’s IPO has been underway for more than two months and comes at a time when several leading startups, including online brokerage firm Robinhood and electric vehicle firm Rivian, are considering listing their shares.

Clarios said in a regulatory filing that revenue fell 11% to $ 7.6 billion for the fiscal year ended September 30, 2020, with a net loss of $ 399 million as the COVID-pandemic 19 reduced demand. He had declared a profit of $ 25 million a year earlier.

Clarios plans to list her shares on the New York Stock Exchange. BofA Securities and JP Morgan are the main subscribers of the Clarios offer.

With files from Reuters

Your time is precious. Receive the Top Business Headlines newsletter delivered to your inbox in the morning or evening. register today.


Please enter your comment!
Please enter your name here