From Zomato IPO to Flipkart funding, India’s tech moment arrives A record bout of fundraising and a slew of upcoming startup IPOs has shifted focus to Indian technology startups even as investors are spooked by China’s crackdown on its own tech companies. See More DetailsClarios 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 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.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.Brookfield bought 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.Clarios is also backed by one of Canada's biggest state pension investors, Caisse de depot et placement du Quebec CPDQ ).Entities affiliated with Brookfield and CPDQ will continue to hold 80.1% of shares in Clarios after the offering, the company has said.Clarios will start trading on the New York Stock Exchange under the symbol "BTRY". BofA Securities and J.P. Morgan are the lead underwriters for the offering.

Source: Economic Times July 20, 2021 03:00 UTC