- Johnson & Johnson (NYSE:JNJ) is reportedly readying an investor roadshow to pitch shares of its consumer-healthcare spinoff business, dubbed Kenvue, as early as Monday.
- Kenvue plans to start meeting with prospective investors with a goal to raise over $3.5 billion in the offering at a valuation of about $40 billion for Kenvue, its soon-to-be spun-off consumer business, which sells products like Tylenol, Band-Aids, and skin-care brands like Aveeno and Neutrogena.
- Assuming the company and its advisers manage to conclude the listing, Kenvue's stock would trade on the New York Stock Exchange under the ticker KVUE, Wall Street Journal reported citing people familiar with the matter.
- IPO roadshows typically last from a few days to a week before the stock's trading debut, the report added.
- In 2022, the division generated $14.95 billion, around 15% of JNJ's total revenues.
- Kenvue's IPO would mark the largest U.S. IPO since Intel (NASDAQ:INTC) spun off its self-driving car unit Mobileye (NASDAQ:MBLY) in 2022.
- Kenvue is expected to have modest sales growth in coming years as it competes with consumer-product giants, including Procter & Gamble Co (NYSE:PG), the consumer-health units of drugmakers including Bayer AG (OTC:BAYRY) and Sanofi SA (NASDAQ:SNY), and recent consumer spinoff of GSK plc (NYSE:GSK) such as Haleon plc (NYSE:HLN).
- J&J will maintain majority ownership of the business immediately following the IPO and has said it plans to shed the rest of its stake later in 2023.
- Price Action: JNJ shares are up 0.49% at $163.49 during the premarket session on the last check Monday.
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