Clarios, Teads delay U.S. IPOs citing market volatility (updated)

Teads Holding

29/07/2021 21:25

(Adds Teads postponement)
    July 29 (Reuters) - Clarios International Inc, a car battery
maker owned by Brookfield Asset Management Inc  BAMa.TO , and
advertising technology company Teads BV  TEAD.O  on Thursday
delayed their initial public offerings (IPOs) due to market
volatility.
    Teads, owned by French telecom company Altice, cited
unsatisfactory equity market conditions as the reason for
postponing its stock market listing.  urn:newsml:reuters.com:*:nBw1f7M59a
    The company, which provides automated buying and selling of
online advertising space, had aimed to raise up to $808.5
million through its IPO, at a valuation of about $5 billion.
    Clarios, which had aimed to raise up to $1.85 billion in its
IPO, said it would reassess the market conditions in the coming
months.
    "While we are looking forward to taking Clarios public ...
we have elected to defer the IPO given current market
conditions," the company said in a statement.
    Clarios' IPO has been postponed indefinitely, said a person
familiar with the matter, who declined to be named as the matter
is private.
    Brookfield in 2019 bought Clarios for $13.2 billion
including debt from Johnson Controls International  JCI.N , a
maker of digital solutions for buildings, in one of the biggest
deals clinched by the asset manager.
    Clarios makes products that are used in more than 140
countries, with a third of cars on the road globally using its
batteries, according to its website.
    It is also backed by one of Canada's biggest state pension
investors, Caisse de dépôt et placement du Québec.
    

 (Reporting by Niket Nishant and Noor Zainab Hussain in
Bengaluru and Echo Wang in New York; Editing by Aditya Soni and
Shinjini Ganguli)
 ((Niket.Nishant@thomsonreuters.com;))