Car battery maker Clarios downsizes proposed IPO to $100M from $1.67B


Initial public offering hologram, night panoramic city view of Bangkok. The financial center for multinational corporations in Asia. The concept of boosting the growth by IPO process. Double exposure.

2d illustrations and photographs/iStock through Getty Photos

Battery maker Clarios has downsized its proposed US original general public offering to all around $100M from $1.67B.

In its latest SEC filing, Clarios reported that it is now seeking to increase up to $100M, a range that is most likely a placeholder and matter to transform. The enterprise also reported that its sponsor has indicated it may perhaps obtain shares, but did not disclose how several. Its also on the lookout to concurrently supply up to $100M of its Series A mandatory convertible favored shares.

The organization has been authorized to checklist its shares on NYSE under the image BTRY. BMO Money Markets is serving as lead bookrunner.

In a submitting produced in July 2021, Clarios explained that it was trying to get to present 88M shares priced amongst $17 to $21 for every share, which would have raised $1.67B. Clarios added that its sponsor had indicated that both it or its affiliates may purchase up to $500M, or about 26M shares, at the IPO price.

Dependent in Wisconsin, Clarios specializes in the structure and manufacture of minimal-voltage electrical power alternatives these kinds of as conventional direct-acid car batteries. The merchandise are offered via its have brands and private labels these kinds of as DieHard and Duralast. The firm also sells batteries for use in EVs.

Clarios was acquired by Brookfield Business enterprise Companions and CDPQ in 2019. The company is currently functioning in the red, reporting a internet loss of $41M on web revenue of $8.9B for fiscal 2021.

Clarios 1st submitted confidentially for an IPO in Might 2021, but later announced it was delaying the deal because of to industry problems.


Resource hyperlink