IPOS - Car-batter Behemoth Clarios postpones IPO due to market conditions

July, 29 2021 11:59 AM Renaissance Capital Greenwich Fund

Car-battery maker Clarios (NYSE:BTRY) has postponed its IPO set for today due to market conditions. “Clarios will reassess the market conditions in the coming months and will keep the market informed,” the company said in a statement, confirming an earlier Bloomberg report. Clarios had planned to sell 88.1M shares at a price rang of $17 to $21/share to raise $1.85B at the top end of the range , according to an amended S-1 filing. Clarios is owned by Brookfield Business Partners LP (NYSE:BBU) and Canada’s Caisse de dépôt et placement du Québec. BBU is in turn a unit of Brookfield Asset Management (NYSE:BAM). Brookfield and Caisse bought Clarios two years ago from Johnson Controls (NYSE:JCI) at a $13.2B enterprise value, including $3B of equity and $10.2B of debt. BofA and JPMorgan are acting as lead underwriters for the IPO.

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Car-batter Behemoth Clarios postpones IPO due to market conditions

Company Name:	Renaissance Capital Greenwich Fund
Stock Symbol:	IPOS
Market:	NYSE

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