Johnson & Johnson sets up mega-IPO for consumer health unit
- Dan Primack, author of Axios Pro Rata
Photo Illustration by Scott Olson/Getty Images.
Johnson & Johnson on Wednesday filed IPO registration papers for its consumer health products business, which is being spun out under the name Kenvue.
Why it matters: This could be the largest U.S. IPO since Rivian went public in late 2021, with Renaissance Capital estimating that Kenvue could raise up to $5 billion. It also encompasses a slew of household brands, including Tylenol, Band-Aid, Johnson's Baby Powder, Listerine, Neutrogena and Nicorette.
Backstory: J&J announced 14 months ago that it would spin off the consumer health unit, following similar moves by pharma rivals GSK and Pfizer.
Details: Kenvue plans to list on the NYSE (KVUE) and reports $1.7 billion of net income on $11.2 billion in sales for the nine months ending Oct. 2, 2022. Goldman Sachs and JPMorgan are listed as lead underwriters.