International Automotive Components Group SA, the auto-parts supplier owned by billionaire Wilbur Ross, is seeking $115 million in a U.S. initial public offering.
The company, based in Luxembourg, didn’t say in its U.S. regulatory filing today how many shares it would offer or at what price. The offering size is a placeholder used to calculate registration fees and may change.
International Automotive had delayed its IPO plans in 2011 because of market turmoil in the U.S. and Europe, people familiar with the process said at the time. The company generated sales of $4.73 billion in the 12 months through March 30 of this year, with about half coming from North America, according to its filing today.
Proceeds from the offering will be used to repay debt, the company said in the filing. International Automotive plans to list on the New York Stock Exchange under the symbol IACG. Bank of America Corp., Deutsche Bank AG and JPMorgan Chase & Co. are leading the offering.
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