Shares of Bausch + Lomb rose over 11% to end the first trading day at $20. This was the second biggest IPO of the year. Bausch + Lomb opened at $18.50 after having priced its initial public offering at $18 on Thursday, below its expected range of $21-$24. At $20, the company's valuation is $7B.


LATEST IPOS AND DIRECT LISTINGS:

Bausch + Lomb (BLCO) opened on May 6 at $18.50 and launched as a publicly traded company "focused on protecting and enhancing the gift of sight for millions of people around the world." The company priced 35M shares at $18.00, below the $21.00-$24.00 target range. Morgan Stanley and Goldman Sachs acted as joint book running managers for the offering. Bausch + Lomb said that, "As a fully integrated eye health company, Bausch + Lomb offers a comprehensive portfolio of more than 400 products spanning contact lenses, lens and eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments." Following the IPO, Bausch Health (BHC), together with its subsidiaries, will hold approximately 90% of the common shares of Bausch + Lomb, or 88.5% of the common shares of Bausch + Lomb if the underwriters' over-allotment option is exercised in full, the company has noted.

Following the opening of the deal, Bausch Health announced its full leadership team and board of directors, including CEO Thomas Appio. Upon completion of the initial public offering of the Bausch + Lomb eye health business, former CEO Joseph Papa will assume the role of chairman and CEO of Bausch + Lomb.

PepGen (PEPG) opened on May 6 at $15.60 after the company priced 9M shares of common stock at $12.00 per share. The deal size was increased to 9.0M shares from 7.2M and priced below the $13.00-$15.00 range. Bank of America, SVB Leerink and Stifel acted as joint book running managers for the offering. PepGen is a clinical-stage biotechnology company advancing next generation oligonucleotide therapies for severe neuromuscular and neurological diseases.

Edible Garden (EDBL) opened on May 5 at $3. The controlled environment agriculture farming company that uses traditional agricultural growing techniques together with technology to grow fresh, organic food, said each share of common stock was being sold together with one warrant to purchase one share of common stock with an exercise price of $5.00 per share at a combined offering price of $5.00.

Austin Gold (AUST) opened on May 4 at $6.50. The gold exploration company focused on gold targets and making district-scale gold discoveries in Nevada had priced its initial public offering of 3.265M common shares at a price of $4.00 per share.


PERFORMANCE:

• Bausch + Lomb finished Friday at $20
• PepGen closed Friday at $12.89
• Edible Garden ended the week at $2.83
• Austin Gold finished Friday at $2.96

RECENT IPOS TO WATCH:

Sharps Technology (STSS), Excelerate Energy (EE), Applied Blockchain (APLD) and Genius Group (GNS) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire.


UPCOMING IPOS:

Upcoming IPO and direct listings expected include Solta Medical (SLTA), Actelis Networks (ASNS), Steinway (STWY), Bitdefender, and Phoenix Motor (PEV).

Bausch Health previously announced that its wholly owned subsidiary, Solta Medical, has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of Solta's common shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Solta has applied to list its common shares on the Nasdaq Global Select Market under the symbol (SLTA). Bausch Health has completed all internal procedural steps and is fully prepared to launch the Solta IPO, subject to receipt of regulatory, stock exchange and other approvals, the company has said.

Steinway Musical Instruments has filed for an initial public offering of shares of its Class A common stock. The prospectus for the offering states in part, "We are a leading manufacturer of high-performance musical instruments, boasting a brand renowned worldwide. Steinway is one of the longest-lasting and most storied brands in the music industry and beyond... We operate in two reporting segments, Piano, or 'Steinway & Sons,' and Band, or 'Conn-Selmer.' In fiscal year 2021, our Piano and Band segments generated net sales of $406.6 million and $131.7 million, respectively, up from $317.4 million and $98.4 million, respectively, in the prior fiscal year. In fiscal year 2021, our Piano and Band segments generated Adjusted EBITDA of $106.8 million and $10.7 million, respectively, up from $72.1 million and $4.9 million, respectively, in the prior fiscal year."
 
On May 2, Actelis Networks announced plans to offer shares of its common stock and said it anticipates that the initial public offering price of its shares will be between $4-$6 per share. The company has applied to list its shares of common stock on the Nasdaq Capital Market under the symbol "ASNS."

Bitdefender Holding B.V., which identifies itself as "a global cybersecurity leader," announced that it has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities Exchange Commission for the proposed initial public offering of its securities in the United States. "The timing, size and price range for the proposed offering have yet to be determined. The initial public offering is subject to SEC and other regulatory review processes, as well as market and other conditions," the company said. Bitdefender did not disclose a proposed ticker symbol for its anticipated stock offering.

Phoenix Motor filed for an initial public offering on the Nasdaq under symbol (PEV).  Upon the closing of the offering, Phoenix Motor will be a "controlled company" within the meaning of the corporate governance standards because more than 50% of the voting power of its outstanding common stock will be beneficially owned by SPI Energy (SPI). Phoenix Motor currently designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles and markets and sells electric vehicle chargers for the commercial and residential markets. The company delivered its first commercial electric vehicle in 2014. It develops and integrates an electric drivetrain into the Ford Econoline Chassis, specifically on the Ford (F) E-450.

Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.