(Bloomberg) -- Brookfield Asset Management has chosen Bank of America Corp. and JPMorgan Chase & Co. to lead the initial public offering of car battery manufacturer Clarios, according to people familiar with the matter.
Brookfield, which acquired Clarios in 2019, is seeking to have the portfolio company valued at more than $20 billion in an IPO, said the people, who asked not to be identified because the information is private.
The banks are coordinating a group that is expected to include Citigroup Inc. and Goldman Sachs Group Inc., the people said. Brookfield is aiming to list the business in July, though its plans could still change, they said.
Representatives for Brookfield and the banks declined to comment. Clarios said in a statement this month that it had filed confidentially for an IPO.
The decision to list Glendale, Wisconsin-based Clarios comes just 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, the people said.
The decision to press ahead with the listing comes in spite of turbulence in equity markets in recent weeks that has seen other firms, including EQT Partners AB and Genworth Financial, postpone listings of portfolio companies or subsidiaries.
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