After Bausch Health (NYSE:BHC) spun out its eye care unit Bausch + Lomb Corp. (NYSE/TSX:BLCO), its stock dipped 4.3% to $16.04 while BLCO shares increased 8.11% to $20.00 from a starting price of $18.00 per share.

The $18 price tag was short of Wall Street’s expectations.

The initial public offering was one of the first in recent memory as the stock market has navigated mostly choppy waters since the beginning of 2022.

“Bausch + Lomb has long been associated with many of the most significant advances in eye health, and I am honored to work alongside our 12,000 global employees as we continue to focus on achieving our ongoing mission of helping people see better to live better all over the world,” said Joseph C. Papa, chairman and CEO, Bausch + Lomb.

Papa will serve as chairman and CEO of the company.

Bausch + Lomb has a portfolio of more than 400 products, including ophthalmic pharmaceuticals, contact lenses and other eye care products.

Founded in 1853 in Rochester, New York, Bausch + Lomb initially sold monocles and eyeglass frames.

Bausch + Lomb eventually became a publicly-traded company until 2013, when Valeant Pharmaceuticals acquired the firm for $8.57 billion. Valeant would later rebrand as Bausch Health Companies.

In 2021, Bausch Health generated $8.4 billion in overall revenue.

Bausch Health announced its intent to spin off its Bausch + Lomb brand in August 2020, explaining that it would free the company to focus on gastroenterology, aesthetics/dermatology, neurology and international pharma.

Bausch + Lomb will be headquartered in Vaughan, Ontario with corporate offices in Bridgewater, New Jersey.