Eye care products giant Bausch & Lomb, owned by private equity Warburg Pincus, in a regulatory filing on Friday said it plans an initial public offering in the U.S..
Bausch & Lomb has proposed a maximum aggregate offering price of $100 million, which is estimated solely for the purpose of calculating the registration fee, the filing revealed. The company did not disclose the number of shares it would be offering or their price, as also the stock exchange its shares will trade on.
Bausch & Lomb expects to use a major part of the net proceeds from the offering to repay debts, and use remaining proceeds for working capital and other uses.
Founded in 1853, Rochester, New York-based Bausch & Lomb makes contact lenses and lens care solutions, ophthalmic drugs and related nutritional items, as well as products used in ophthalmic surgical procedures.
The company, whose products are sold in over 100 countries, generated net sales of $3.04 billion and a net loss of $68.3 million in the year ended December 2012. This compares with net sales of $2.85 billion and a net loss of $124 million in the prior year.
Bausch & Lomb stock was traded on the New York Stock Exchange from December 1958 until October 2007, but delisted following its acquisition by Warburg Pincus for $4.5 billion, amid issues related to product recalls and financial restatements. The company gained limelight due to its popular Ray-Ban brand of sunglasses, which was sold in 1999 to the Italian Luxottica Group.
Bausch & Lomb said it expects growth to be on a high trajectory owing to an aging global population, increased prevalence of diabetes that impact eye health, as well as advancements in technology.
Emerging markets, which represented 25 percent of its net sales in 2012, are expected to act as a catalyst for growth, especially in China, India and Russia where a booming middle class presents strong opportunities.
J.P.Morgan, BofA Merrill Lynch and Citigroup were the lead underwriters of the offering.
by RTT Staff Writer
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