Johnson & Johnson initiates spin-off and IPO of Kenvue division (Frenadol, Nicorette, Neutrogena or Listerine), valued at up to $43 billion


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).

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.