{"id":118476,"date":"2021-07-20T13:33:08","date_gmt":"2021-07-20T13:33:08","guid":{"rendered":"https:\/\/fin2me.com\/?p=118476"},"modified":"2021-07-20T13:33:08","modified_gmt":"2021-07-20T13:33:08","slug":"brookfields-battery-maker-clarios-eyes-nearly-11-billion-valuation-in-u-s-ipo","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/brookfields-battery-maker-clarios-eyes-nearly-11-billion-valuation-in-u-s-ipo\/","title":{"rendered":"Brookfield's battery maker Clarios eyes nearly $11 billion valuation in U.S. IPO"},"content":{"rendered":"
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS\/Carlo Allegri\/File Photo<\/figcaption>

(Reuters) -Clarios International is aiming for a valuation of up to $10.7 billion in its U.S. offering, it said on Tuesday, as the Brookfield Asset Management-backed battery maker looks to tap into a red-hot IPO market.<\/p>\n

Scores of high-profile startups including online brokerage Robinhood and electric-vehicle firm Rivian are looking to list in a market where government stimulus and low interest rates have created fertile conditions for stock valuations.<\/p>\n

Milwaukee, Wisconsin-based Clarios will sell nearly 88.1 million shares between $17 and $21 each, which would rake in $1.85 billion at the top end of that range.<\/p>\n

The company, which Reuters earlier reported was aiming to be valued at around $20 billion, had confidentially filed for a listing in May.<\/p>\n

Clarios products are used in more than 140 countries, with one in three cars on the road globally using a battery made by the company, according to its website.<\/p>\n

Brookfield bought Clarios in 2019 from Johnson Controls International, a maker of digital solutions for buildings, for $13.2 billion, in one of the biggest deals clinched by the asset manager.<\/p>\n

Clarios is also backed by one of Canada\u2019s biggest state pension investors, Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec (CPDQ).<\/p>\n

Entities affiliated with Brookfield and CPDQ will continue to hold 80.1% of shares in Clarios after the offering, the company has said.<\/p>\n

Clarios will start trading on the New York Stock Exchange under the symbol \u201cBTRY\u201d. BofA Securities and J.P. Morgan are the lead underwriters for the offering.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. 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