Johnson & Johnson to price shares of consumer spinoff Kenvue at $20 to $23 in IPO

Johnson & Johnson will price shares of its consumer health spinoff Kenvue at $20 to $23 in an initial public offering later this year, the company said in a regulatory filing Monday.

J&J said it launched a roadshow for the IPO of more than 151 million shares of common stock.

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Goldman Sachs, J.P. Morgan and Bank of America are leading managers for the IPO, the company said.

J&J previously said it expects to complete the separation from Kenvue by mid- to late 2023.

The company will own 1.7 billion shares of Kenvue's common stock after the IPO, representing 91.9% of the spinoff's total shares.

J&J's consumer health business makes Band-Aid bandages, skin care products under the brands Neutrogena and Aveeno, pain relief drug Tylenol and the company's baby powder. 

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