US car battery maker Clarios revives listing plan

US car battery maker Clarios International Inc has restarted its plan for an initial public offering (IPO) at home, applying to list its shares on the New York Stock Exchange (NYSE) under the symbol BTRY.

The Milwaukee, Wisconsin-based firm had launched an IPO process in 2021 but at the end of July last year said that it has decided to postpone the floatation amid market volatility.

The terms of the new listing push have not been decided yet. BMO Capital Markets Corp has been tapped as the sole underwriter for the transaction.

Clarios last year had set the terms of the transaction, seeking to raise up to over USD 1.8 billion (EUR 1.72bn) in gross proceeds from the sale of more than 88 million shares. At the top end of the targeted price range at the time, the company would have commanded a market capitalisation of about USD 10.9 billion, based on the number of outstanding shares.

The energy storage solutions provider is owned by Canada-based Brookfield Asset Management Inc and Caisse de depot et placement du Quebec (CDPQ) which took over the business from Ireland and US-based multi industrial company Johnson Controls International for USD 13.2 billion in 2019.

Clarios offers advanced energy storage solutions, selling more than 140 million batteries annually to original equipment manufacturer (OEM) and aftermarket customers in over 140 countries.

(USD 1.0 = EUR 0.956)

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