Kenvue Inc., the Consumer Health Business subsidiary of Johnson & Johnson, has initiated a roadshow for the initial public offering (IPO) of 151,204,000 shares of its common stock.
 
The company plans to give underwriters a 30-day option to purchase up to 22,680,600 more shares of common stock to cover over-allotments, if needed. The IPO price is expected to range between $20.00 and $23.00 per share, with Kenvue applying to list its common stock on the New York Stock Exchange under the symbol “KVUE.”
 
Once the IPO is complete, Johnson & Johnson will retain ownership of 1,716,160,000 shares of Kenvue’s common stock, or 91.9% of the total outstanding shares of Kenvue’s common stock, which will decrease to 90.8% if underwriters exercise their over-allotment option in full.
 
The IPO is being managed by Goldman Sachs & Co. LLC, J.P. Morgan, and BofA Securities as joint lead book-running managers, with Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets, and UBS Investment Bank acting as book-running managers. BBVA, ING, IMI – Intesa Sanpaolo, Santander, UniCredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., Inc., R. Seelaus & Co., LLC, and Siebert Williams Shank are co-managers.
 
Kenvue has filed a registration statement on Form S-1 with the Securities and Exchange Commission, but it has not yet become effective. The securities may not be sold, and offers to buy may not be accepted, until the registration statement becomes effective. The IPO will only proceed through a prospectus.