NEW YORK, May 6 ― Eye care products maker Bausch + Lomb Corp yesterday priced its initial public offering (IPO) at US$18 (RM78.61) per share, well below its target range, valuing the company at US$6.3 billion.
The company had earlier set the indicative price range at between US$21 and US$24 apiece.
Bausch’s IPO, which raised US$630 million from the issue of 35 million new shares, marks a drop in investors’ appetite after a stellar 2021 — a record-breaking year for US stock market flotations.
Vaughan, Ontario-based Bausch first listed on the NYSE in 1958, and was taken private by Warburg Pincus in 2007.
The company, which started as a small optical goods shop in New York in 1853, currently supplies pharmaceuticals and contact lenses in about 100 countries.
Morgan Stanley and Goldman Sachs are the lead underwriters for the offering.
Bausch will list under the symbol “BLCO” on the New York Stock Exchange and the Toronto Stock Exchange. ― Reuters
