Glendale-based car battery maker
Clarios has once again withdrawn plans for an initial public offering, according to a new filing with the Securities and Exchange Commission.
"The company has determined to withdraw the Registration Statement and not to pursue the public offering at this time," according to the filing.
Clarios first filed paperwork related to an IPO back
in May of 2021. However, later that same year, the company postponed plans for its IPO, citing the market conditions at the time.
Then, in the summer of 2022, a prospectus filed with the SEC showed that Clarios was
once again considering an offering of shares of its common stock.
Greenwich, Connecticut-based Renaissance Capital, an independent investment bank, previously release a statement saying Clarios disclosed plans to raise up to $100 million, but that figure was “likely a placeholder deal we estimate could raise up to $1 billion.”
Representatives from Clarios declined to comment on the withdrawal of plans Tuesday. They did refer BizTimes to a Jan. 6 press release announcing that the company plans to raise new debt. The additional capital will fund a distribution to Clarios shareholders.
“This action underscores Clarios’ strong financial position and steady cash flow generation, as well as the company’s ongoing commitment to delivering shareholder value,” said
Mark Wallace, CEO of Clarios.
Clarios was created when Johnson Controls spun off its power solutions business and sold it for $13.2 billion in May 2019 to Brookfield Business Partners, a Canadian private equity firm, and Caisse de dépôt et placement du Québec (CPDQ), an institutional investor that manages public pension plans in Quebec.
“Under the ownership of Brookfield and CDPQ, Clarios has become a stronger and more efficient company, expanding our technology portfolio, adding high-quality jobs in the U.S., and solidifying our position as the global leader in low-voltage battery solutions," Wallace said. "As we look ahead, we remain focused on powering the future of transportation and serving the growing power demand within vehicles.”
