Advanced lead battery giant Clarios launches IPO in US
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Clarios manufactures a range of lead-acid and lithium-ion batteries. Image: Clarios
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Advanced lead battery manufacturer Clarios International today launched an initial public offering (IPO) in the US, as it looks for a valuation of up to $10.7bn (£7.9bn).
World Battery News reported last May that Clarios had "confidentially submitted” documentation to the US Securities and Exchange Commission for the IPO.
The Milkwaukee-based company, which is also a manufacturer of lithium-ion batteries, confirmed today it had launched a ‘roadshow’ to promote the IPO and would sell nearly 88.1 million shares between $17 and $21 each, which would be expected to yield $1.85bn at the high end of that range.
Clarios said it plans to start trading on the New York Stock Exchange under the symbol ‘BTRY’ and will use the net proceeds received from the IPO to pay down debt.
Clarios, formerly known as Johnson Controls Power Solutions, was acquired by US and Canadian investment firms Brookfield Business Partners and Caisse de dépôt et placement du Québec (CDPQ) in 2018 and relaunched as Clarios in 2019.
Earlier this year, Clarios was selected as a winner of a lithium-ion battery recycling prize competition run by the US Department of Energy’s Office of Energy Efficiency and Renewable Energy.
The company said then that, "as the producer of one in three of the world’s car batteries”, it was "uniquely positioned to facilitate and spearhead the lithium recycling economy”.
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World Battery News reported last May that Clarios had "confidentially submitted” documentation to the US Securities and Exchange Commission for the IPO.
The Milkwaukee-based company, which is also a manufacturer of lithium-ion batteries, confirmed today it had launched a ‘roadshow’ to promote the IPO and would sell nearly 88.1 million shares between $17 and $21 each, which would be expected to yield $1.85bn at the high end of that range.
Clarios said it plans to start trading on the New York Stock Exchange under the symbol ‘BTRY’ and will use the net proceeds received from the IPO to pay down debt.
Recycling prize
Clarios, formerly known as Johnson Controls Power Solutions, was acquired by US and Canadian investment firms Brookfield Business Partners and Caisse de dépôt et placement du Québec (CDPQ) in 2018 and relaunched as Clarios in 2019.
Earlier this year, Clarios was selected as a winner of a lithium-ion battery recycling prize competition run by the US Department of Energy’s Office of Energy Efficiency and Renewable Energy.
The company said then that, "as the producer of one in three of the world’s car batteries”, it was "uniquely positioned to facilitate and spearhead the lithium recycling economy”.
Related articles in our archive: