Clarios International, a car battery maker owned by global investment firm Brookfield BN-T, on Monday filed to withdraw its initial public offering plans in the United States.
Milwaukee, Wisconsin-based Clarios did not immediately respond to a Reuters request asking for more information on the withdrawal.
Clarios filed to go public in the U.S. in 2021, but postponed its plans indefinitely later that year due to market volatility and macroeconomic pressures.
The company was aiming for a valuation of nearly $11-billion in the offering by raising up to $1.85-billion at the top end of its IPO pricing range. Clarios said at the time it would reassess market conditions.
Its withdrawal comes at a time when U.S. IPO activity has seen an uptick, bolstered by a bullish equities market and expectations of business-friendly policies from the incoming Trump administration.
Brookfield bought Clarios in 2019 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 100 countries, with a third of cars on the road globally using its batteries, according to its website.