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Illustration: Brendan Lynch/Axios

Bausch + Lomb, a Canadian maker of contact lenses and eyecare products, filed for an IPO.

Why it matters: This could be the first mega-IPO of 2022, with Renaissance Capital estimating that the issuer could raise up to $3 billion.

Details: Bausch + Lomb plans to list on both the NYSE and Toronto Stock Exchange, and reports $139 million of net income on over $2.7 billion in revenue for the first nine months of 2021.

Backstory: Reports first surfaced last March that parent company Bausch Health (NYSE: BHC) was seeking to sell all or part of the eyecare business, which it bought from Warburg Pincus for $8.7 billion in 2013, with price talk in the $20 billion to $30 billion range.

  • It confirmed spinoff plans in August, shortly after which there was a direct listing by Warby Parker, which has begun to expand into contact lenses.

The bottom line: "Founded in 1853, Bausch & Lomb is an iconic name in eye care. The company invented Ray-Ban sunglasses for military pilots and later introduced some of the first mass-produced soft contact lenses and contact-lens solutions." — Wall Street Journal

Go deeper: Private equity giant TPG (finally) goes public

Go deeper

Dan Primack, author of Pro Rata
Jan 13, 2022 - Economy & Business

Private equity giant TPG (finally) goes public

Illustration: Annelise Capossela/Axios

TPG will begin trading Thursday on the Nasdaq, after raising $1 billion in an IPO that values the private equity giant at around $9 billion.

Why it matters: This day is more than a decade in the making.

Europe's energy reliance on Russia is a crucial shield for Putin

Photo: Pavel Bednyakov/Sputnik/AFP via Getty Images

Cracks in the NATO alliance regarding sanctions for Russia should President Vladimir Putin order troops into Ukraine are in large part based on energy supply concerns.

Why it matters: Russia holds tremendous leverage over some European countries because it provides roughly 40% of Europe's natural gas supply. In Germany, this figure is greater than 50%.

Why the Fed might want to jolt the markets

Fed chair Jerome Powell at a hearing earlier this month. Photo: Brendan Smialowski-Pool/Getty Images

So far, financial markets are cooperating nicely with the Federal Reserve's efforts to restrain inflation. They're doing the Fed's work for it by creating tighter financial conditions, in a distinctly non-panicky way.

  • But as the central bank's policymakers meet this week, an underlying question they face is whether the adjustment is happening too slowly.