Johnson & Johnson to price shares of consumer spinoff Kenvue at $20 to $23 in IPO
Publishing timestamp: 2023-04-24 18:00:56
Summary
Johnson & Johnson plans to price shares of its consumer-health spinoff Kenvue at $20 to $23 in an initial public offering later this year. The spinoff, which would be valued at around $40 billion at that share range, could be the largest IPO in the subdued U.S. market for such offerings year to date. J&J's consumer-health business makes Band-Aid bandages, skin care products under brand names Neutrogena and Aveeno, pain relief drug Tylenol, and its namesake baby powder. Kenvue plans to meet with prospective investors as early as Monday, and the IPO is expected to generate net proceeds of around $3.15 million, with those proceeds and any profits from related debt-financing transactions going to J&J.
Sentiment: NEUTRAL
Keywords: bank of america corp, business, business news, health care industry, jpmorgan chase & co, goldman sachs group inc, breaking news: business, johnson & johnson, retail industry,