(Bloomberg) -- Bausch + Lomb Corp., the contact lens maker, has filed to raise as much as $840 million in an initial public offering, a long-awaited deal that may show green shoots in U.S. capital markets.
The company being spun out of Bausch Health Cos. plans to sell 35 million shares for $21 to $24 apiece, according to a filing Thursday with the U.S. Securities and Exchange Commission. All of the proceeds from the IPO will go to Bausch Health as the selling shareholder, the filing shows.
At the top of the price range, Bausch + Lomb would have a market value of $8.4 billion based on the outstanding shares listed in its filing.
The deal could ease the drought in the U.S. IPO market, which has been waiting for a large, stable company to list as investors pivot from pursuing growth to favoring cash flow.
Bausch + Lomb, based in Vaughan, Ontario, reported $65 million in net income on $3.8 billion in revenue on a pro forma basis in 2021. Founded in 1853 in Rochester, New York, the company owns brands including Ocuvite, PureVision and Biotrue.
For More: U.S. IPO Hopefuls Are Hunting for Signs of Elusive Market Window
After a record-busting run in 2021, the first quarter was the weakest showing for new U.S. listings since 2016, according to data compiled by Bloomberg.
Bausch + Lomb would be the second-biggest U.S. IPO of the year, topped only by private equity firm TPG Inc.'s $1.1 billion listing in January, the data show. The biggest listing since then was Excelerate Energy Inc., whose shares have gained 9.7% since its $384 million listing in April.
New filings for IPOs have also started to trickle in. Steinway Musical Instruments Holdings Inc., the storied grand piano maker, filed its listing document this month.
Bausch + Lomb's listing is being led by Morgan Stanley and Goldman Sachs Group Inc. The company plans to list on the New York and Toronto stock exchange under the symbol BLCO.
©2022 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
