The initial public offering of iconic eyewear company Bausch and Lomb would be headed by three well-known banks. Equity firm Warburg Pincus LLC has chosen JP Morgan Chase & Co, Bank of America Merrill Lynch and Citigroup to manage the transition from private company to publicly traded firm.
The IPO is expected to net US$1.5 billion with the valuation of Bausch and Lomb between US$9 billion and US$10 billion, according to sources familiar with the transaction who requested anonymity. In the meantime, the owners of Bausch and Lomb are still exploring options for a private sale, with Goldman Sachs as its financial advisor.
The announcement attracted interest from several healthcare firms such as Sanofi SA, but none of the bids have met the floor price dictated by Warburg Pincus. Thus the next step would be offering the company up to the public trading, allowing for capital infusion without transfer of assets and/or liabilities.
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