May 20, 2021: Clarios, the world’s largest lead battery maker and recycler, has signalled its intent to go public with the submission of a draft registration statement for a proposed Initial Public Offering on May 5.
The firm would not comment further on the step, nor on the number of shares to be offered or price range for the proposed offering.
According to Bloomberg on May 13, the Bank of America and JP Morgan will lead the IPO.
Quoting unnamed sources, the agency said the listing would take place in July, “although plans could still change”.
Almost exactly two years ago, on May 1, 2019, Johnson Controls Power Solutions was reborn as Clarios after JCI sold it to Brookfield Business Partners for $13 billion. Brookfield is an affiliate of Canadian firm Brookfield Asset Management, which manages assets of more than $600 billion, it says.
With Joe Walicki still at the helm, new logos, signs and even ID cards were produced and put in place overnight, with staff previously unaware of the deal until they arrived for work at the new-look offices the next day.
Just over three months later, in September 2019, Walicki stepped down as president of the new Clarios. He also retired as president of the BCI board.
Mark Wallace was appointed president and CEO the following May with the comment that he ‘had a demonstrated history of driving revenue growth and improving profit margins’ and that in his hands, the company’s strategy would be to continue to advance globally.
Bloomberg said Brookfield was looking for a valuation of around $20 billion dollars in an IPO.
“The decision to press ahead with the listing comes in spite of turbulence in equity markets in recent weeks that has seen other firms postpone listings of portfolio companies or subsidiaries,” the news agency reported.
Clarios said it was not providing further comment at the moment.