(Bloomberg) -- Bausch + Lomb Corp. priced its initial public offering below a marketed range to raise $630 million, dimming hopes that the biggest U.S. listing in almost four months will lead a market rebound.

The contact lens and eye-care company sold 35 million shares Thursday for $18 each after marketing them for $21 to $24, according a statement. At the IPO price, the company, which began as an optical goods shop in 1853, has a market value of $6.3 billion based on its filings with the U.S. Securities and Exchange Commission.

Bausch + Lomb, the first of two businesses being spun out by Bausch Health Cos., was seen as a test of whether a stable, profitable business could help break the ice for dozens of startups considering IPOs. Bausch + Lomb went ahead with the IPO despite the Dow Jones Industrial Average experiencing its biggest one-day drop since 2020.

The offering is being led by Morgan Stanley and Goldman Sachs Group Inc. The company’s shares are expected to begin trading Friday on the New York Stock Exchange under the symbol BLCO. Bausch + Lomb will also trade on the Toronto stock exchange under the same ticker.

Bausch Health will get the proceeds from the IPO as the selling shareholder, according to the filings.

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. In addition to contact lenses and solutions under brands including Ocuvite, PureVision and Biotrue, the company also makes ophthalmic pharmaceuticals for ailments such as glaucoma, as well as surgical tools and devices.

Bausch Health, then known as Valeant Pharmaceuticals International Inc., bought Bausch + Lomb for $8.7 billion in 2013 from an investors group that included Warburg Pincus. In an effort to raise money to pay off tens of billions in debt on its books from that era, Bausch Health is also planning to spin off its Solta Medical skin-care unit. Bausch Health, which is keeping its core pharmaceutical operations, had about $23 billion in total debt as of Dec. 31.

Solta submitted its IPO filing to the SEC in February but hasn’t moved ahead with proposed terms for its share sale. For the nine months ended Sept. 30, Solta had net income of $72.8 million on revenue of $219 million, according to its filing.

 

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