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

Bausch & Lomb Corp filed S-1 for its initial public offering, nearly 1.5 years after its parent company, Bausch Health Companies Inc 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.