Last updated on July 11th, 2022 at 10:22 am
Almost a year since Glendale-based Clarios announced and then quickly postponed plans for an initial public offering (IPO), the car battery maker has revived those plans.
A prospectus filed with the Securities and Exchange Commission on Wednesday shows that Clarios is once again considering an offering of shares of its common stock. How much money the company would bring in from an IPO and the price per share were not included in the prospectus.
Greenwich, Connecticut-based Renaissance Capital, an independent investment bank, said in a statement today that Clarios disclosed plans to raise up to $100 million, but that is “likely a placeholder deal we estimate could raise up to $1 billion.”
Shares of Clarios’ common stock have been approved for listing on the New York Stock Exchange under the trading symbol “BTRY.” The money brought in by the IPO would be used to “repay certain existing debt,” according to the prospectus. Following the completion of the offering, Brookfield Business Partners LP and Caisse de dépôt et placement du Québec would continue to own a majority of the voting power of shares. This would make Clarios a controlled company.
Clarios first publicly announced plans for an IPO last July. The company had officially filed for a listing with the SEC last May.
Clarios had planned to offer a nearly 20% stake in the company or sell about 88.1 million in shares between $17 and $21 each. Those plans, which would have raised more than $1.62 billion, were suspended due to market conditions at the time.
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.