Banca March | The healthcare giant has launched the spin-off and IPO of its consumer division – with products such as Frenadol, Nicorette, Neutrogena and Listerine – which it will call Kenvue and which it has valued at up to $43 billion. With this placement, which will happen within a few weeks, J&J plans to sell more than 151 million Kenvue shares at a price of between $20 and $23 per share, raising a maximum of $3.5 billion. After the deal, and assuming the oversubscription right is exercised, J&J will retain 90.8% of the consumer subsidiary. This consumer division had a pro-forma profit of $1.5bn and revenues of $15bn in 2022, equivalent to 8.3% and 15.8% of the group’s total profit and revenues. Yesterday J&J +0.9% (-6.5% for the year).
Johnson & Johnson initiates spin-off and IPO of Kenvue division (Frenadol, Nicorette, Neutrogena or Listerine), valued at up to $43 billion
