Clarios International, a global manufacturer of low-voltage vehicle batteries, postponed its IPO on Thursday, citing market volatility. It had filed to raise $1.7 billion by offering 88.1 million shares at a price range of $17 to $21.
Clarios' low-voltage vehicle battery portfolio includes starting, lighting and ignition batteries (SLI), its primary product, as well as advanced batteries such as enhanced flooded batteries and absorbent glass mat batteries. Its products are used in conventional, hybrid, and electric vehicles. It distributes its batteries primarily through the aftermarket channel, driven by consumer replacements, as well as OEM channels. The global company states that it has the number one market position in the Americas and EMEA, and the number three position in Asia.
The Milwaukee, WI-based company was founded in 1885 and booked $8.2 billion in sales for the 12 months ended March 31, 2021. It had planned to list on the NYSE under the symbol BTRY. BofA Securities, J.P. Morgan, Barclays, BMO Capital Markets, Credit Suisse, Deutsche Bank, Goldman Sachs, Citi, HSBC, RBC Capital Markets, Scotia Capital, TD Securities, CIBC, and Guggenheim Securities were set to be the joint bookrunners on the deal.
