Brookfield's car battery maker Clarios confidentially files for U.S. IPO (updated)

Brookfield Business Partners LP

05/05/2021 12:42

(Adds details, background)
    May 5 (Reuters) - Car battery maker Clarios, backed by
Canada's Brookfield Asset Management Inc  BAMa.TO , said on
Wednesday it had confidentially filed paperwork with the U.S.
Securities and Exchange Commission for an initial public
offering.
    The company did not disclose other details about the
proposed offering.
    The flotation of Clarios, which could be valued at over $20
billion in its IPO according to a person familiar with the
matter, would mark one of the biggest stock market debuts from
the automotive sector this year. 
    Electric-vehicle maker Lucid Motors struck a $24-billion
merger deal with a blank-check firm in February, while another
high-flying startup Rivian is also lining up to go public later
this year.
    Brookfield had bought Glendale, Wisconsin-based Clarios in
2019 from Johnson Controls International  JCI.N , a maker of
digital solutions for buildings for $13.2 billion, in one of the
biggest deals clinched by the asset manager.  
    One in three cars on the road globally uses a battery made
by Clarios and its products are used in more than 140 countries,
according to the company's website.    
    Clarios is also backed by Caisse de dépôt et placement du
Québec (CDPQ), one of Canada's biggest state pension investors.

 (Reporting by Niket Nishant in Bengaluru; Editing by
Ramakrishnan M.)
 ((Niket.Nishant@thomsonreuters.com;))