IPO Report: Johnson & Johnson’s Kenvue IPO to command valuation of more than $40 billion in biggest public debut since 2021

by | May 4, 2023 | Stock Market

A unit of Johnson & Johnson is headed for the biggest initial public offering in more than a year after its shares were priced near the top of the expected range Wednesday evening. Johnson & Johnson
will charge $22 a share in the IPO for Kenvue, the companies said in a statement Wednesday evening. Kenvue, which is expected to begin trading Thursday morning on the New York Stock Exchange, under the ticker “KVUE,” will hold a wealth of consumer brands that includes Band-Aid, Tylenol and Listerine.

Johnson & Johnson expects to sell more than 151 million shares at that price, after stating a potential pricing range of $20 to $23. At the $22 price, Johnson & Johnson would raise more than $3.3 billion at a valuation topping $41 billion, and those numbers could rise — the underwriting banks have access to an additional 22.7 million shares for overallotments. That means the Kenvue IPO will raise more than every other IPO that has made it to market thus far in 2023 collectively, and more than any individual IPO since late 2021. According to Renaissance Capital data, just 40 IPOs have priced this year, and they raised about $2.4 billion in total. A deep freeze in the IPO market began last year, after a s …

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