Johnson & Johnson products for sale in New York.
Scott Mlyn | CNBC
Johnson & Johnson will price shares of its consumer health spinoff Kenvue at $20 to $23 in an initial public offering later this year, the company said in a regulatory filing Monday.
J&J said it launched a roadshow for the IPO of more than 151 million shares of common stock.
Goldman Sachs, J.P. Morgan and Bank of America are leading managers for the IPO, the company said.
Kenvue expects to grant underwriters a 30-day option to purchase up to an additional 22.6 million shares of stock to cover any over-allotments, according to a J&J press release.
J&J previously said it expects to complete the separation from Kenvue by mid- to late 2023.
The company said it will own 1.7 billion shares of Kenvue’s common stock after the IPO, representing 91.9% of the spinoff’s total shares.
J&J previously said it will reduce the rest of its stake in Kenvue later in the year.
Kenvue would trade on the New York Stock Exchange under the stock ticker KVUE.
J&J’s consumer health business makes Band-Aid bandages, skin care products under the brands Neutrogena and Aveeno, pain relief drug Tylenol and the company’s baby powder.
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