Today, investors have yet another stock to add to their watchlists. The highly anticipated Bausch + Lomb (NYSE:BLCO) initial public offering (IPO) is now a reality, and BLCO stock is now trading. Currently, the stock is up more than 6% in afternoon trading on a strong opening day.
As we pointed out in a recent article, Bausch + Lomb is the recent spinoff of core brand Bausch Health Companies (NYSE:BHC). Bausch + Lomb is widely considered the crown jewel held within the Bausch Health portfolio. Accordingly, this deal was largely seen as a way to unlock shareholder value.
Today, it appears the market has agreed. BLCO stock has surged, while BHC stock is currently down approximately 3%. This comes on a rather mixed day in the markets.
For those interested about this IPO, let’s dive into a few things to know.
What to Know About the BLCO Stock IPO
- Yesterday, it was announced that Bausch + Lomb would be pricing its IPO at $18 per share.
- This was below the company’s expected range of between $21 and $24 per share.
- That said, BLCO stock quickly shot above this IPO price, opening at $18.50 per share.
- Today, Bausch + Lomb traded as high as $19.41 per share, representing a 7.8% increase.
- This is one of a few high-profile IPOs of late that have been priced below its range.
- Investors seem to think that the company’s initial valuation assessment may be more accurate.
- Accordingly, BLCO stock will be an interesting one to watch from here.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.