By Senad Karaahmetovic
Johnson & Johnson (NYSE:JNJ) is due to start pitching shares of its consumer-healthcare business, Kenvue, early this week, the Wall Street Journal reported yesterday.
The healthcare giant seeks to raise $3.5 billion or more at a valuation close to $40B, the report added. After several days of investor meetings, Kenvue is likely to make its trading debut soon on the New York Stock Exchange under the ticker KVUE.
Kenvue is home to popular products like Tylenol, Band-Aids, Baby Shampoo, Aveeno, and Neutrogena. The company generated 15.7% of JNJ’s total revenue in 2022.
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.
Johnson & Johnson shares are up half a percent in premarket Monday.