IPO-pedia | Bausch+Lomb pitches a leading eyecare portfolio in the year's second-largest IPO
U.S. IPO market is bracing for second-biggest deal of the year so far in eyecare health company Bausch + Lomb.
$Bausch + Lomb Corp. (BLCO.US)$ , the eye-health unit of Bausch Health Companies,plans to list on the NYSE and the TSX onMay 6thunder the symbol BLCO.
Bausch has priced its much anticipated initial public offering at $18 a share, significantly below its expected $21 to $24 price range.
It had sought to raise as much as $840 million if it priced the IPO at the high end. The company filed to sell 35 million shares, according to a prospectus. This means Bausch likely raised $630 million. Morgan Stanley and Goldman Sachs will lead the deal.
Being spun out of Bausch Health Companies (formerly Valeant), Bausch + Lomb’s $788 million offeringis set to be the second-largest IPO so far this year, behind TPG’s (TPG) billion-dollar debut in January.
Business Overview
The company is one of the best-known and most respected healthcare brands in the world. The iconic brand is established over its nearly 170-year history.
The company began in 1853 in Rochester, New York. In October 2007, Warburg Pincus led the acquisition of Bausch + Lomb, which had previously been a publicly traded NYSE company.
In August of 2013, Bausch + Lomb was acquired by Bausch Health Companies Inc., (NYSE:BHC) (TSX:BHC), formerly known as Valeant Pharmaceuticals International, Inc., and became the eye care division of Bausch Health.
With portfolio of over 400 products fully integrated, it offers the widest and finest range of eye health products including contact lenses and lens care products, pharmaceuticals, intraocular lenses and other eye surgery products.
Among the company's many innovations over the years, Bausch Lomb introduced the first optical glass in the United States, the lenses used on cameras to take the first satellite picture of the moon, and the first mass-produced soft contact lens in 1971.
According to the prospectus, the company states that a recent survey of over 200 respondents globally conducted by TechSci Research indicated that Bausch + Lomb had the highest brand awareness among certain key competitors.
Financial Performance
Bausch & Lomb generated revenue of $3,765 millionand $3,412 millionin fiscal year 2021 and fiscal year 2020, respectively, an increase of $353 million, or 10%.
Net income attributable to Bausch + Lomb for 2021 was $182 million as compared to that of $18 million for 2020, an increase in the results of $200 million.
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friendly Rabbit_4802 : even though they started out stock sells below their predicted price range......I don't know I've got a hunch that tells me Bausch+Lomb is going to soar. Perhaps not this year or maybe even not In 2023 but Mark my words with in a 5 year time frame these folks/stock/company their going somewhere! (Call it intuition) but who knows I'm a complete novice when it comes to all things related to the stock market but like I said I've just got a hunch that my predictions on this matters going to be dead on point! Guess we shall see!
