(Reuters) - International Automotive Components Group, backed by billionaire U.S. investor Wilbur Ross, filed with U.S. regulators on Friday to raise up to $115 million in an initial public offering of common stock.
BofA Merrill Lynch, Deutsche Bank Securities and JP Morgan were underwriting the IPO, the Luxembourg-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus.
International Automotive Components, formed in 2006 by private equity firm WL Ross and investment funds managed by Franklin Mutual Advisers LLC, has 79 manufacturing facilities across 18 countries.
WL Ross holds about 60 percent stake in the company, while Franklin Mutual Advisers owns 27 percent, according to the filing. (r.reuters.com/zan88t)
International Automotive Components posted a net loss of $14 million on total sales of $1.24 billion for the quarter ended March 30, according to the filing. The company had a debt of $691 million as of March 30.
The filing did not reveal how many shares the company planned to sell or their expected price.
The company, which expects to use proceeds from the offering to repay debt, intends to list its common stock on the New York Stock Exchange under the symbol “IACG”.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
Reporting By Varun Aggarwal in Bangalore; Editing by Sriraj Kalluvila
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