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Clarios, Teads delay U.S. IPOs citing market volatility

·1 min read

(Reuters) -Clarios International Inc, a car battery maker owned by Brookfield Asset Management Inc, and advertising technology company Teads BV on Thursday delayed their initial public offerings (IPOs) due to market volatility.

Teads, owned by French telecom company Altice, cited unsatisfactory equity market conditions as the reason for postponing its stock market listing.

The company, which provides automated buying and selling of online advertising space, had aimed to raise up to $808.5 million through its IPO, at a valuation of about $5 billion.

Clarios, which had aimed to raise up to $1.85 billion in its IPO, said it would reassess the market conditions in the coming months.

"While we are looking forward to taking Clarios public ... we have elected to defer the IPO given current market conditions," the company said in a statement.

Clarios' IPO has been postponed indefinitely, said a person familiar with the matter, who declined to be named as the matter is private.

Brookfield in 2019 bought Clarios for $13.2 billion including debt from Johnson Controls International, a maker of digital solutions for buildings, in one of the biggest deals clinched by the asset manager.

Clarios makes products that are used in more than 140 countries, with a third of cars on the road globally using its batteries, according to its website.

It is also backed by one of Canada's biggest state pension investors, Caisse de dépôt et placement du Québec.

(Reporting by Niket Nishant and Noor Zainab Hussain in Bengaluru and Echo Wang in New York; Editing by Aditya Soni and Shinjini Ganguli)

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