Bausch Health's Eye-Care Spin-Off Entity Files For $100M IPO

Author: Vandana Singh | January 14, 2022 10:15am

Bausch & Lomb Corp filed S-1 for its initial public offering, nearly 1.5 years after its parent company, Bausch Health Companies Inc (NYSE:BHC) said it would spin off the eye-care company.

The company said it plans to raise $100 million in its IPO. It didn't disclose the number of shares, according to the filing with the Securities and Exchange Commission on Thursday.
On August 6, 2020, Bausch Health said it planned a spin-off of the eye-care business from its core pharmaceutical operations.
Also See: Bausch Health Misses On Q2 Sales, Cuts FY21 Outlook, Plans IPO For Medical Aesthetics Business.
Bausch Health plans to sell Bausch & Lomb shares through its wholly-owned subsidiary, which will retain all proceeds from the sale. Bausch Health will remain the majority owner of the new public company.
Bausch & Lomb made $2.76 billion in revenue in the nine months ended September 30, 2021, and $131 million in profit.
The company plans to list on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BLCO.
Price Action: BHC shares are up 2.43% at $27.40 during the market session on the last check Thursday.