(Bloomberg) -- Car battery manufacturer Clarios International Inc., backed by Brookfield Asset Management, filed for an initial public offering, disclosing growing sales and losses.
Clarios in its filing Friday listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale.
Clarios said in a statement in May that it had filed confidentially for an IPO. Brookfield, which acquired Clarios in 2019, was seeking to have the portfolio company valued at more than $20 billion in an IPO, Bloomberg News reported in February.
Listing plans for Wisconsin-based Clarios come two years after Brookfield won an auction to buy the business from Johnson Controls International Plc for $13 billion. The company, which produces batteries for gasoline-engine vehicles, has focused on operational improvements to improve earnings, Bloomberg reported.
Clarios had a net loss of $248 million on revenue of $4.5 billion for the six months ended March 31, compared with a loss of $86 million on revenue of $3.9 billion for the same period a year earlier, according to its filing.
The takeover of Clarios, the former power unit of Johnson Controls, was Toronto-based Brookfield's second-largest deal on record, according to data compiled by Bloomberg.
The offering by Clarios is being led by Bank of America Corp. and JPMorgan Chase & Co. The shares are expected to trade on the New York Stock Exchange under the symbol BTRY.
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