Johnson & Johnson products on a shelf in a store in New York.Lucas Jackson | ReutersJohnson & Johnson’s consumer health business Kenvue priced its IPO at $22 per share Wednesday, toward the high end of its stated range, in an upsized deal that would bring in about $3.8 billion. At that IPO price, the new company will be valued at around $41 billion. That makes Kenvue’s debut one of the largest U.S. IPOs in more than a year.related investing news 7 hours agoThe company expected to price 151 million shares between $20 and $23 per share, according to a preliminary prospectus it filed with the Securities and Exchange Commission last week.Proceeds from the offering and any profits from related debt-financing transactions will go to J&J, but Kenvue will retain $1.17 billion in cash and cash equivalents.Goldman Sachs, JPMorgan Chase and Bank of America are acting as the lead underwriters for the IPO. Shares will begin trading Friday on New York Stock Exchange under the ticker “KVUE.”The spinoff, the biggest IPO since EV maker Rivian went public in November 2021, alone may not completely turn around the moribund IPO market, which plummeted in 2022. But it may be a sign of life for initial public offerings in the U.S. Kenvue’s debut also marks the largest restructuring in J&J’s 135-year history. J&J announced the split in late 2021 as a bid to streamline operations and refocus on its pharmaceutical and medical device divisions. Meanwhile, Kenvue is chock full of household names familiar to investors and the larger public, such …
