Car battery supplier Clarios International Inc., the former Johnson Controls unit backed by Brookfield Asset Management, filed for an initial public offering, disclosing growing sales and losses.
Clarios in its filing Friday listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale.
Clarios said in a statement in May that it had filed confidentially for an IPO. Brookfield, which acquired Clarios in 2019, was seeking to have the portfolio company valued at more than $20 billion in an IPO, Bloomberg News reported in February.
Listing plans for Wisconsin-based Clarios come two years after Brookfield won an auction to buy the business from Johnson Controls International for $13 billion. The company, which produces batteries for gasoline-engine vehicles, has focused on operational improvements to improve earnings, Bloomberg reported.
