JnJ seeks valuation of up to USD 43 billion in IPO of consumer health unit Kenvue
New Jersey: Johnson & Johnson said on Monday it was seeking a valuation of up to $42.95 billion in the initial public offering of its consumer health unit, Kenvue, at a time when investor appetite for new listings has been muted.
The announcement sets the stage for what is expected to be one of the marquee listings this year and brings the healthcare conglomerate closer to completing its planned spinoff of the business behind Band-Aid bandages and Tylenol medicines.
However, the listing plans come at a challenging time for the IPO market in the United States. New listings have come to a virtual standstill as investors grapple with heightened volatility in a rising interest rate environment.
J&J is offering 151.2 million shares of the common stock of Kenvue priced between $20 and $23 per share, aiming to raise up to $3.5 billion, based on the top end of the proposed range of the listing.
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