Clarios International Inc., the former battery unit of Johnson Controls Inc., has postponed an initial public offering that was scheduled for Thursday, people familiar with the matter told Bloomberg.
The IPO, which was planned to raise as much as $1.8 billion, was delayed indefinitely because of market conditions, the people said, asking not to be identified because the information was private.
The Milwaukee-based company had offered 88.1 million shares for $17 to $21 apiece. At the top end of that range, it would have been valued at $10.7 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.
A representative for Clarios couldn’t immediately be reached for comment. A spokesperson for the company's private equity owner Brookfield Asset Management Inc. declined to comment.