Brookfield-Backed Clarios Postpones $1.8 Billion IPO
(Bloomberg) -- Clarios International Inc., the car battery maker backed by Brookfield Asset Management Inc., has postponed an initial public offering citing market volatility.
“Clarios will reassess the market conditions in the coming months and will keep the market informed,” the company said in a statement, confirming a Bloomberg News report. The company had planned to raise as much as $1.8 billion on Thursday.
The Milwaukee-based company had offered 88.1 million shares for $17 to $21 apiece. At the top end of that range, it would have been valued at $10.7 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.
The move coincides with the year’s record-breaking U.S. IPO spree losing some of its momentum. Since Jan. 31, 690 companies have raised more than $229 billion in listings, according to data compiled by Bloomberg.
Robinhood Markets Inc. on Wednesday priced its IPO at the bottom of a marketed range to raise $2.1 billion. In one of the highest-profile listings this year, Robinhood and its investors sold 55 million shares for $38 each after marketing them for $38 to $42.
Also on Wednesday, fruit and vegetable producer and distributor Dole Plc lowered the amount it was seeking to raise in its IPO, to $515 million at the top of a revised price range. That listing, previously scheduled for Tuesday, had been reset for Thursday.
Clarios produces a range of battery products from low-voltage to vehicle and industrial products. Its portfolio of brands includes Varta, LTH and Heliar.
Brookfield’s private equity arm, Brookfield Business Partners, agreed to buy the battery business from Johnson Controls International Plc in 2018, funded by $3 billion in equity and $10.2 billion in long-term debt.
Bank of America Corp. and JPMorgan Chase & Co. were leading the IPO.
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