Renaissance Capital logo

Vehicle battery maker Clarios International revives estimated $1 billion IPO with new blank filing

June 30, 2022

Clarios International, a global manufacturer of low-voltage vehicle batteries, revived its IPO on Thursday, disclosing plans to raise up to $100 million. However this is likely a placeholder for a deal we estimate could raise up to $1 billion.

The company had previously planned to raise $1.7 billion by offering 88.1 million shares at a price range of $17 to $21, for a proposed fully diluted market cap of $10.1 billion, but postponed in July 2021, citing market conditions. In its latest filing, Clarios also disclosed updated financials for the FY21 and 1H FY22 periods, and removed 19 of its 20 underwriters, except for BMO Capital Markets. Concurrent with the share offering, Clarios also plans to sell Series A Mandatory Convertible Preferred Stock.

Clarios' low-voltage vehicle battery portfolio includes starting, lighting and ignition batteries (SLI), its primary product, as well as advanced batteries such as enhanced flooded batteries and absorbent glass mat batteries. Its products are used in conventional, hybrid, and electric vehicles. It distributes its batteries primarily through the aftermarket channel, driven by consumer replacements, as well as OEM channels. The global company states that it has the number one market position in the Americas and EMEA, and the number three position in Asia.

Clarios International was founded in 1885 and booked $9.1 billion in sales for the 12 months ended March 31, 2022. It plans to list on the NYSE under the symbol BTRY. BMO Capital Markets is the sole bookrunner on the deal.