Bausch & Lomb started the IPO race by disappointing the market.
Bausch & Lomb, the eyecare giant, announced the pricing of its 35,000,000 common shares IPO price of $18.00 per share.
The eyecare company priced its initial public offering at $18, below its estimated range of $21-$24 for a volatile market.
By pricing its first IPO below a marketed range, Bausch & Lomb Cop. raised $630 million.
But the company had hoped to raise $840 million before stepping into the market.
In 2021, Bausch & Lomb reported $3.8 billion in revenue, up 10% from the previous year, 2020.
Market volatility brought on by rising interest rates and the Russia war had dramatically reduced US IPOs this year.
As per Financial Times, the US market raised only $3.3 billion compared to more than $56 billion in 2021 for the same period.
Bausch & Lomb made $116 million in revenue in Russia last year, with smaller amounts in Ukraine and Belarus.
Lower demand, further sanctions, state-sponsored cyber security attacks, and reputational damage were all hazards the corporation faced in the region.