In what would be the second largest IPO of the year, eyecare company Bausch + Lomb is scheduled to debut in the week ahead. Some small issuers and SPACs may also price during the week.
Planning to dual list on the NYSE and the TSX, Bausch Health spin-off Bausch + Lomb is expected to raise $788 million at an $8.2 billion market cap. The offering will consist entirely of secondary shares. Bausch + Lomb has a presence in approximately 100 countries and a comprehensive portfolio of over 400 products. While it faces significant competition from other brands and generic products, the company is highly profitable with strong cash flow, and it has global brand awareness of more than 70%.
Holdover Austin Gold may also price in the week ahead, with plans to raise $13 million at a $52 million market cap. The company has interests in four properties throughout Nevada, only one of which it considers to be material at this time.
While not counted below, smart eyewear maker Innovative Eyewear (LUCY) may raise $10 million at a $59 million market cap in its unit offering.
A handful of SPACs may price in the week ahead, often joining the calendar late. Blank check issuance has been on a steady decline since the start of the year driven by poor post-merger returns, which have incited a wave of merger terminations and SPAC IPO withdrawals.
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/28/2022, the Renaissance IPO Index was down 36.0% year-to-date, while the S&P 500 was down 9.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and CrowdStrike Technologies (CRWD). The Renaissance International IPO Index was down 30.8% year-to-date, while the ACWX was down 12.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
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