Bausch + Lomb Corp (NYSE:BLCO) is likely to price its IPO at the low end or below its published targeted range according to a report from the Wall Street Journal.
Bausch + Lomb had planned to go public at a price of $21-$24 a share, per its recently filed S-1A. It's unclear whether the lower range is due to specific lack of enthusiasm from prospective investors in the company, or continued macro volatility in the wider markets.
The eye health company is being IPO'd out of Bausch Health Companies Inc (NYSE:BHC), with the current parent planning to maintain 88.5%-90% ownership of the newly public company, which will trade under the symbol BLCO in both the NYSE and the Toronto Stock Exchange.
BHC had previously traded as Valeant Pharmaceuticals, and purchased Bausch + Lomb in 2013, while the company was still on the upswing. After scrutiny for stripping acquisitions of research and development and raising prices, Valeant's stock tumbled, and the company eventually took on the name Bausch Health as part of its turnaround efforts.
The planned spin-off/IPO of Bausch + Lomb was announced in August 2020. Per the S-1, Bausch + Lomb posted revenue of $3.76 billion (USD) last year, with free cash flow of $680 million.