News

The Wall Street Journal: Bausch + Lomb prices IPO at $18 a share, below expectations

Bausch + Lomb Corp.
BLCO,

 priced its IPO at $18 a share Thursday, falling short of expectations as it became the first big company in months to try going public into a turbulent stock market.

Bausch Health Cos.
BHC,
-7.40%
,
the parent company, raised $630 million in the offering. It had been aiming to raise as much as $840 million and sell the stock at $21 to $24 a share, according to a regulatory filing. The Wall Street Journal had previously reported the deal was likely to price at the low end or below the range.

Read: U.S. IPO market bracing for second biggest deal of the year so far in eye-care health company Bausch + Lomb

The debut of the eye-care company, a spinoff of Bausch Health Cos., is being watched closely as a bellwether for the IPO market, which has been virtually shut down since stocks started falling earlier this year. It is the first big initial public offering since private-equity firm TPG Inc.
TPG,
-5.35%

 went public in mid-January. After a record year in 2021, traditional IPOs have raised less than $3.3 billion in 2022, the slowest start since 2016, according to Dealogic.

Bausch is a fitting test case for the IPO market, which provides a crucial spigot of cash and visibility to startups and Wall Street alike. The company is profitable and a well-established name in its industry.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

Mastering the art of ‘failing up’ at work.

Unexplained attacks inside Russian territory raise prospect of wider conflict.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

More in:News

Leave a reply

Your email address will not be published. Required fields are marked *