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.
Scores of high-profile startups including online brokerage Robinhood and EV firm Rivian are looking to list in a market where government stimulus and low interest rates have created fertile conditions for stock valuations.
Clarios, based in Milwaukee, Wisc., 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.
The company, which Reuters earlier reported was aiming to be valued at around $20 billion, had confidentially filed for a listing in May.
Clarios products are used in more than 140 countries, with one in three cars on the road globally using a battery made by the company, according to its website.