By Reuters Staff
(Reuters) -Clarios International is aiming for a valuation of up to $10.7 billion in its U.S. offering, it said on Tuesday, as the Brookfield Asset Management-backed battery maker looks to tap into a red-hot IPO market.
Several high-profile startups including online brokerage Robinhood and electric-vehicle firm Rivian are looking to list in a market where government stimulus and low interest rates have created fertile conditions for stock valuations.
Milwaukee, Wisconsin-based Clarios 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.
On a fully diluted basis, which includes mandatory convertible preferred stock, Clarios would be valued at $11.2 billion at the maximum price target.
Source: Brookfield’s battery maker Clarios eyes nearly $11 billion valuation in U.S. IPO | Reuters