Bausch & Lomb Corp. filed documents for its initial public offering, nearly a year and a half after its parent company, Bausch Health BHC -1.52%
Cos., said it would spin off the eye care company.
The company said it plans to raise $100 million in its IPO, a fictitious figure companies often use to calculate filing fees and is often changed. It did not disclose how many shares it intends to offer to the public, according to registration documents filed Thursday with the Securities and Exchange Commission.
In 2020, Bausch Health said it expects to spin off the fast-growing eye care business from its core pharmaceutical business. Bausch Health plans to sell Bausch & Lomb stock through its wholly-owned subsidiary, which will retain all proceeds from the sale. Bausch Health will remain majority shareholder of the new public company.
Founded in 1853, Bausch & Lomb is an iconic name in eye care. The company invented Ray-Ban sunglasses for military pilots and later introduced some of the first mass-produced soft contact lenses and contact lens solutions.
The company now sells a variety of products, including eye surgery devices and contact lenses.
Bausch & Lomb had revenue of $2.76 billion in the nine months ended September 30, 2021 and profit of $131 million. In 2020 it generated $3.41 billion in revenue and in 2019 it had $3.78 billion.
The company plans to list its shares on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BLCO.
Bausch Health, formerly Valeant Pharmaceuticals International, has struggled to move past a period when its drug price increases and accounting came under attack, senior executives were ousted and its stock price plummeted. .
As part of its makeover, it dropped the Valeant name in 2018.
Valeant, under then-chief executive Michael Pearson, bought the Bausch & Lomb business from private equity firm Warburg Pincus LLC for $8.7 billion in 2013. Warburg Pincus had taken the company private in 2007 for $3.7 billion.
Write to Kimberly Chin at [email protected]
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