The subsidiary could raise as much as $3.5 billion via the sale of 151,204,000 shares of its common stock
Kenvue includes beauty names Aveeno, Neutrogena, Johnson’s, Tylenol and Dr.Ci:Labo
The wholly-owned J&J subsidiary, called Kenvue, has launched a roadshow offering 151,204,000 shares of its common stock, expected to be priced between $20 and $23 per share; this could raise as much as $3.5bn.
After the IPO’s completion, J&J will own 1,716,160,000 shares of Kenvue’s common stock, giving the healthcare giant a 91.9% stake.
The spinoff company filed to be listed on the New York Stock Exchange, under the symbol KVUE, in January.
The name Kenvue was unveiled in September 2022, with the announcement that Aveeno, Neutrogena, Johnson’s, Tylenol and Dr.Ci:Labo would be among the brands included in its portfolio.
“Unveiling the Kenvue brand is a defining moment for our stakeholders and an important part of the planned separation,” said Thibaut Mongon, CEO Designate for Kenvue, at the time.
“We breathe life into some of the world’s most iconic and beloved brands every day, so we harnessed that same expertise, love, and energy into developing our new corporate identity.”
J&J first made public its plans to separate its consumer health arm into a new publicly listed company in November 2021.