Kenvue, J&J's Consumer Health Business, Goes Public in Blockbuster IPO Deal

Johnson & Johnson's consumer health business, Kenvue, is set to go public this week in the largest U.S. IPO in over a year. Kenvue is expected to sell over 151 million shares at between $20 to $23 each, raising roughly $3.25 billion. J&J will control 91.9% of Kenvue after the IPO, and the company is expected to have a valuation of around $40 billion. Kenvue is profitable and expects modest growth over the next few years, with annual sales growth projected to be about 3% to 4% globally through 2025. The company will assume talc-related liabilities that arise outside of the U.S. and Canada, but J&J will continue battling talc claims in bankruptcy court.