Bausch + Lomb, a leading supplier of contact lenses and eyecare products, announced terms for its IPO on Thursday. The company plans to dual list on the Toronto Stock Exchange.
The Vaughan, Canada-based company plans to raise $788 million by offering 35 million shares (100% secondary) at a price range of $21 to $24. At the midpoint of the proposed range, Bausch + Lomb would command a fully diluted market value of $8.2 billion.
Bausch + Lomb states that it is a leading global eye health company, with global brand awareness of more than 70%. The company has a presence in approximately 100 countries and a comprehensive portfolio of over 400 products, and it is fully integrated to serve its customers across the full spectrum of their eye health needs. Its lines of business include vision care and consumer healthcare, ophthalmic pharmaceuticals, and surgical. Since 2017, Bausch + Lomb has introduced more than 260 new products in approximately 60 countries.
Bausch + Lomb was founded in 1853 and booked $3.8 billion in sales for the 12 months ended December 31, 2021. It plans to list on the NYSE under the symbol BLCO. Morgan Stanley, Goldman Sachs, Citi, J.P. Morgan, Barclays, BofA Securities, Guggenheim Securities, Jefferies, Evercore ISI, Wells Fargo Securities, and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of May 2, 2022.
