(Reuters) -Car battery maker Clarios, backed by Canada’s Brookfield Asset Management Inc, said on Wednesday it had confidentially filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering.
The company did not disclose other details about the proposed offering.
The flotation of Clarios, which could be valued at over $20 billion in its IPO according to a person familiar with the matter, would mark one of the biggest stock market debuts from the automotive sector this year.
Electric-vehicle maker Lucid Motors struck a $24-billion merger deal with a blank-check firm in February, while another high-flying startup Rivian is also lining up to go public later this year.
Brookfield had bought Glendale, Wisconsin-based Clarios in 2019 from Johnson Controls International, a maker of digital solutions for buildings for $13.2 billion, in one of the biggest deals clinched by the asset manager.
One in three cars on the road globally uses a battery made by Clarios and its products are used in more than 140 countries, according to the company’s website.
Clarios is also backed by Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s biggest state pension investors.
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