Bausch & Lomb (BLCO) priced its IPO at $18/share, beneath the anticipated to vary of $18-$2, valuing for the eyecare merchandise and ophthalmology gear large at $6.3 billion.
Bausch & Lomb is promoting 35 million shares for $18 every to boost $630 million, in response to a statement. It had initially anticipated to boost as a lot as $840 million. Bausch + Lomb is not going to obtain any of the proceeds from the IPO.
Bausch & Lomb is being spun off from Bausch Well being Cos (BHC). BHC initially introduced plans for the spin off of the eyecare firm in August 2020. Bausch Well being’s aesthetic machine unit Solta Medical filed for an IPO in February.
The promoting shareholder has granted the underwriters a 30-day choice to buy as much as an extra 5.25 million shares to cowl over-allotments. After the IPO is full, Bausch Well being (BHC) will personal ~90% of the shares of Bausch + Lomb (BLCO), or 88.5% if the underwriters totally train their choice.
Morgan Stanley and Goldman Sachs & Co. LLC are performing as joint lead book-running managers for the IPO.
Recall late March, Bausch + Lomb disclosed extra particulars about upcoming IPO.