Staff of Reuters 2 minutes Reuters (Reuters) – Clarios International Inc, funded by Brookfield Asset Management Inc of Canada, announced on Friday that it had swung to an annual loss as a result of the COVID-19 epidemic, even as it prepared for a high-profile stock market listing in the United States. According to Reuters, the business filed for a listing in May, and with a potential IPO valuation of over $20 billion, it may be one of the largest auto-related floatations in the United States this year. Clarios is also backed by Caisse de depot et placement du Quebec, one of Canada’s largest public pension investors (CDPQ). According to the prospectus, entities linked with Brookfield and CPDQ will continue to retain more than half of the voting power. Hundreds of huge private corporations and “unicorn” startups are rushing to list their stock on stock exchanges, as the sizzling IPO market in the United States shows no signs of cooling. This week, more than a dozen firms have gone public on U.S. marketplaces, making it the busiest IPO week of the year. Didi Global Inc, a Chinese ride-hailing behemoth, led the charge, raising a stunning $4 billion. Robinhood, an online stockbroker, also filed for an IPO earlier this week, paving the way for one of the most anticipated debuts in a year where IPOs have already shattered all-time highs. Clarios reported $7.6 billion in revenue for the fiscal year ending Sept. 30, 2020, down 11% from the previous year due to the pandemic’s impact on demand. The company’s net loss was $399 million, compared to a profit of $25 million the year before. It will begin trading under the symbol “BTRY” on the New York Stock Exchange. The offering’s primary underwriters are BofA Securities and J.P. Morgan. Niket Nishant contributed reporting from Bengaluru, and Devika Syamnath edited the piece./n
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