International Automotive Components files US$115 Million IPO

June 14
9:02 PM 2013

Backed by billionaire US investor, Wilbur Ross, the International Automotive Components Group has announced Friday that it has filed an initial public offering of common stock priced up to US$115 million.

In a preliminary prospectus, the Luxembourg-based firm told the US Securities and Exchange Commission that Bank of America Merrill Lynch, JP Morgan and Deutsche Bank Securities were underwriters for the said IPO.

Establish in 2006 by private equity firm WL Ross and Franklin Mutual Advisers LLC, International Automotive Components has 79 manufacturing facilities in 18 countries.

WL Ross holds roughly 60% of stake in the interior components and systems supplier firm.  Franklin Mutual Advisers owns 27% according to the filing.

Interior components and systems are supplied by the company to equipment firms including Ford Motor Co, General Motors Co, Honda Motor Co Ltd and SAIC Inc.

The filing did not disclose any information regarding how many shares the company plans to sell.

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