Clarios sets IPO terms as battery maker looks to raise up to $1.85 billion

Clarios International Inc. BTRY,

has set terms for its initial public offering, under which the Wisconsin-based low-voltage battery technology company, for mobility and industrial use, could be valued at up to $10.7 billion. The company aims to raise up to $1.85 billion as it offers 88.08 million shares in the IPO, which is expected to cost between $17 and $21 per share. After the IPO, approximately 509.1 million shares are expected to be outstanding. The stock is expected to be listed on the NYSE under the ticker symbol “BTRY.” BofA Securities and JP Morgan lead a group of 20 underwriters. Brookfield Business Partners LP and Caisse de dépôt et placement du Québec (CDPQ) and others acquired Clarios in May 2019, and Brookfield and CDPQ will retain a majority of the voting rights after the IPO. The company posted a net loss of $399 million on net sales of $7.60 billion for the year ended September 30, 2020, after net profit of $25 million on net sales of $8.53 billion the year before. . The company plans to go public at a time when the Renaissance IPO ETF IPO,
-0.18%
has lost 1.8% in the past three months, while the S&P 500 SPX,
+0.78%
won 3.0%.

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