Clarios International, a global manufacturer of low-voltage vehicle batteries, filed on Friday with the SEC to raise up to $100 million. However, the deal size is likely a placeholder for an IPO that we estimate could raise $2.0 billion. Concurrent with the share offering, Clarios also plans to sell Series A Mandatory Convertible Preferred Stock.
Originally owned by Johnson Controls (NYSE: JCI), Clarios was bought by Brookfield Asset Management and Caisse de dépôt et placement du Québec (CDPQ) in 2019 for $13.2 billion, including debt, and is reportedly planning to seek an enterprise value of more than $20 billion on its offering.
The Milwaukee, WI-based company traces its roots to 1885 and booked $8.2 billion in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol BTRY. Clarios International filed confidentially on May 4, 2021. BofA Securities, J.P. Morgan, BMO Capital Markets, Credit Suisse, Deutsche Bank, Goldman Sachs, Citi, HSBC, RBC Capital Markets, Scotiabank, TD Securities, CIBC, and Guggenheim are the joint bookrunners on the deal. No pricing terms were disclosed.
