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Johnson & Johnson (NYSE:JNJ) spinout Kenvue (KVUE) upsized its hotly anticipated initial public offering, pricing shares at the upper end of its previously issued range to raise $3.8B.
Kenvue, which was J&J’s consumer products division, offered 173M shares at $22 per share. Underwriters were granted a 30-day option to buy up to 26M additional shares to cover over-allotments.
Shares are expected to begin trading on NYSE under the symbol KVUE on Thursday, May 4.
After the IPO closes, J&J will own 91% of Kenvue’s outstanding common stock or 90% if the underwriters exercise their option in full.
Goldman Sachs, JP Morgan and BofA Securities are serving as joint lead bookrunners on the deal. Bookrunning managers include Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets and UBS Investment Bank.
Formerly J&J’s consumer products division, Kenvue markets such well-known brands as Band-Aid, Listerine, Neutrogena, Aveeno and Tylenol.
In late April, Kenvue said that it planned to offer around 151M shares priced between $20 and $23 per share, which would have raised about $3.25B.
