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July 20 (Reuters) - Clarios International is aiming for a valuation of up to $10.7 billion in its U.S. offering, it said on Tuesday, as the Brookfield Asset Management-backed (BAMa.TO) battery maker looks to tap into a red-hot IPO market.
Several high-profile startups including online brokerage Robinhood and electric-vehicle firm Rivian are looking to list in a market where government stimulus and low interest rates have created fertile conditions for stock valuations.
Milwaukee, Wisconsin-based Clarios will sell nearly 88.1 million shares between $17 and $21 each, which would rake in $1.85 billion at the top end of that range.
On a fully diluted basis, which includes mandatory convertible preferred stock, Clarios would be valued at $11.2 billion at the maximum price target.
The company, which said it has an enterprise valuation of $18 billion, had confidentially filed for a listing in May. read more
Clarios products are used in more than 140 countries, with a third of cars on the road globally using its batteries, according to its website.
The company had revealed that its revenue dropped 11% to $7.6 billion for the year ended Sept.30, 2020, with a net loss of $399 million as the COVID-19 pandemic dented demand. It had reported a profit of $25 million a year earlier.
Brookfield bought Clarios in 2019 from Johnson Controls International (JCI.N), a maker of digital solutions for buildings, for $13.2 billion including debt, in one of the biggest deals clinched by the asset manager.
Clarios is also backed by one of Canada's biggest state pension investors, Caisse de dépôt et placement du Québec (CPDQ).
Entities affiliated with Brookfield and CPDQ will continue to hold 80.1% of shares in Clarios after the offering, the company has said.
Clarios will start trading on the New York Stock Exchange under the symbol "BTRY". BofA Securities and J.P. Morgan are the lead underwriters for the offering.