Johnson & Johnson's (NYSE: JNJ) consumer-healthcare business carve-out, Kenvue Inc (NYSE: KVUE), priced its upsized initial public offering of 172.8 million shares at $22.00 per share. The IPO values Kenvue at about $41 billion.
The offering was priced at the higher end of the $20 to $23 targeted range, with about 10% more shares sold than planned.
Kenvue has granted the underwriters an option to purchase up to 25.9 million shares.
Kenvue's common stock has been approved for listing on the New York Stock Exchange under the symbol "KVUE" and is expected to begin trading on May 4.
After the listing, J&J will control about 91% of Kenvue's shares, owning slightly more than 1.7 billion.
Kenvue's debut also marks the largest restructuring in J&J's 135-year history. J&J announced the split in late 2021 to streamline operations and refocus on its pharmaceutical and medical device divisions.
Kenvue's products include several J&J brands, including Tylenol, Listerine, Neutrogena, and Nicorette.
On a pro forma basis, the business had a net income of about $1.45 billion on sales of $14.95 billion for the year ended Jan. 1, according to its SEC filing.
Kenvue's share sale marks the biggest IPO to result from a corporate carve-out in over two decades, Reuters reported. It is the largest IPO to launch since electric vehicle maker Rivian Automotive Inc (NASDAQ: RIVN) went public in 2021.