Interiors Supplier IAC Makes Plans to Go Public

International Automotive Components Group SA, the auto interiors supplier controlled by billionaire Wilbur Ross, has filed a preliminary prospectus for an initial public offering to raise as much as $115 million.

As is typical with a so-called "red herring" filing with the U.S. Securities and Exchange Commission, the company did not say how many shares the company plans to sell, at what price or when. Such initial documents also often use a placeholder amount for the size of the offering.

IAC expects to list its shares on the New York Stock Exchange, using the symbol IACG. The Luxembourg-based company derives roughly half of its $4.7 billion annual revenue in North America.

Bank of America, Deutsche Bank and JPMorgan Chase are handling the offering. IAC reportedly delayed its original plans to go public in 2011 because of unfavorable market conditions.

The company says it will use the proceeds of the IPO to repay debt. IAC adds that the funds also might be used for acquisitions, general corporate purposes or restructuring in Asia or Europe. The company discloses that it posted net losses of $38 million last year and $15 million in the first quarter of 2013.

IAC was formed in 2006 by Ross' investment firm, WL Ross & Co. LLC, and Franklin Mutual Advisors LLC from the former interiors units of Lear and Collins & Aikman. The company's expansion has been aided by more than a dozen additional acquisitions. Ross and Franklin own 60.1% and 27.1% of IAC, respectively, according to the prospectus.