- It expects to be listed on the New York Stock Exchange.
- It will start trading under the symbol “BTRY”
As per a report by Reuters, Clarios International Inc, a car battery maker backed by Canada’s Brookfield Asset Management Inc , made public its paperwork for an initial public offering in the United States. The report added that the company confidentially filed for listing in May and could be valued at over $20 billion in its IPO.
That valuation would make Clarios one of the biggest U.S. stock market debuts from the automotive sector this year. It expects to be listed on the New York Stock Exchange.
Backed by Caisse de depot et placement du Quebec (CDPQ)
The report added that the company’s website said that one in three cars on the road globally uses a battery made by Clarios, and its products are used in more than 140 countries. Clarios is also backed by Caisse de depot et placement du Quebec (CDPQ), one of Canada’s biggest state pension investors.
The company recorded $7.6 billion in revenue for the year ended Sept. 30, 2020. The filing showed, a drop of 11 per cent from a year ago as the pandemic impacted demand. It will start trading under the symbol “BTRY”. BofA Securities and J.P. Morgan are the lead underwriters for the offering.
