Clarios still ‘continuing to assess’ market for IPO

Clarios still ‘continuing to assess’ market for IPO

Clarios still ‘continuing to assess’ market for IPO 950 636 Batteries International

September 29, 2022: Clarios International, which pulled out of a planned initial public offering last July, is “continuing to assess” market conditions for the move, BESB has been told.

A spokesperson for the world’s largest manufacturer of automotive batteries said on September 27: “Our focus remains on advancing our strategic priorities and delivering on our financial commitments to continue to improve our market leading business.

“We have the luxury of being a high-quality company with strong support from our sponsors and a great long-term future ahead. This affords us flexibility for when the market conditions are right.”

Clarios and its Brookfield/CDPQ owners is committed to keeping the market informed, the spokesperson said.

The lead battery giant’s long-awaited IPO, which had been predicted in the market to raise some $1.7 billion, was pulled on July 29, 2021 in a move the company said was prompted by market volatility.

The cancellation coincided with a fall in momentum of the year’s record spree to that date of IPOs in the US.

Clarios told BESB this March it had acquired Spanish battery recycler Metalúrgica de Medina. The firm has an annual capacity of producing around 59,000 tonnes of recycled lead.

This May, Clarios announced it was teaming up with Natron Energy to manufacture what the partners said would be the world’s first mass-produced sodium ion batteries.