Clarios, the former automotive battery unit of Johnson Controls Inc., said on Wednesday it had confidentially filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering.
The company, backed by Canada’s Brookfield Asset Management Inc., 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 automotive stock market debuts this year.
EV 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, Wis.-based Clarios in 2019 from former auto supplier Johnson Controls, 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.
