FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File Photo
(Reuters) – Battery maker Clarios International Inc, backed by Canada’s Brookfield Asset Management Inc, said on Tuesday it was seeking a valuation of up to $10.7 billion in its initial public offering in the United States.
The company 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.
Hundreds of large private companies and “unicorn” startups are rushing to float their shares on stock exchanges, as the red-hot U.S. IPO market shows no signs of slowing down.
Clarios is also backed by one of Canada’s biggest state pension investors, Caisse de depot et placement du Quebec.
The company 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.
Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.
