Canada’s Bausch + Lomb Corp. priced its initial public offering below a marketed range to raise $630 million, dimming hopes that the biggest U.S. listing in almost four months will lead a market rebound.
Bausch + Lomb, the first of two businesses being spun out by Bausch Health Cos., was seen as a test of whether a stable, profitable business could help break the ice for dozens of startups considering IPOs. The companies went ahead with the IPO despite the Dow Jones Industrial Average experiencing its biggest one-day drop since 2020.
Some 35 million shares of the contact lens and eye-care company sold Thursday for $18 each after they were marketed for $21 to $24, according a statement. At the IPO price, Bausch + Lomb, which began as an optical goods shop in 1853, has a market value of $6.3 billion based on its filings with the U.S. Securities and Exchange Commission.
Bausch Health will get the proceeds from the IPO as the selling shareholder, according to the filings.
The offering is being led by Morgan Stanley and Goldman Sachs Group Inc. The company’s shares are expected to begin trading Friday on the New York Stock Exchange under the symbol BLCO. Bausch + Lomb will also trade on the Toronto stock exchange under the same ticker.
https://finance.yahoo.com/news/bausch-lomb-misses-target-raise-001146305.html
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.