Johnson & Johnson Kicks Off Consumer Product IPO Roadshow

Johnson & Johnson has kicked off the roadshow for its initial public offering of Kenvue, its consumer health business with brands such as Tylenol, Band-Aid, and Listerine.

Photo Insert: Kenvue has applied to list its common stock on the New York Stock Exchange (NYSE) under the symbol “KVUE”, with Johnson & Johnson set to own 91.9% of the common stock after the IPO, or slightly less.

The IPO could become the biggest such deal of the year so far, Liz Moyer reported for Barron’s Daily. It plans to sell 151,204,000 shares of common stock at an IPO price of between $20 and $23 a share.

Kenvue has applied to list its common stock on the New York Stock Exchange (NYSE) under the symbol “KVUE.” Johnson & Johnson will own 91.9% of the common stock after the IPO, or slightly less if the banks arranging the deal use their overallotment option.

Goldman Sachs, JPMorgan, and Bank of America (BofA) Securities are handling the sale.

Matthew Kennedy, a senior strategist at Renaissance Capital, said Kenvue’s IPO is expected to raise $3.25 billion at the midpoint of the proposed range, or $3.5 billion at the high end, not including the overallotment.

Renaissance is expecting a market value of $41 billion at the midrange.

Separately, the IPO is happening amid a quiet market for such deals. Traditional US IPOs have raised just $2.3 billion in 2023 through Friday, according to Dealogic, in the worst start to a year since 2009, the Wall Street Journal reported.

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