Bausch Health Companies (NYSE/TSX: BHC) subsidiary, eye health company Bausch + Lomb Corporation (NYSE/TSX: BLCO) started trading its securities today. The firm announced today that it is seeking to raise a total of $630 million in its initial public offering for New York Stock Exchange and Toronto Stock Exchange boards.
The proposed offering will be conducted through the issuance of 35.0 million company units selling at $18.00 per share. All of the shares being offered are held by the selling shareholder, Bausch Health. As a result, the parent firm will hold 90% equity in the subsidiary post-closing of the offering.
The offering is being managed by Morgan Stanley and Goldman Sachs & Co. leading a syndicate of underwriters, which were given a 30-day overallotment option to purchase additional 5.25 million shares at the same IPO price.
The Ontario-based eye health firm has a portfolio of more than 400 products including contact lenses, lens care products, and eye care products, among others. The firm now has 12,000 employees and a presence in nearly 100 countries, with corporate offices in New Jersey.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.