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Johnson & Johnson's consumer health unit Kenvue files for an estimated $5 billion IPO

January 4, 2023

Kenvue, the consumer health products unit spun out of J&J, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $5 billion.

With an estimated deal size of $5 billion, Kenvue is now the largest company on file in the IPO pipeline, ahead of Vietnamese EV spin-off Vinfast (VFS) and battery maker Clarios (BTRY), both of which are on file to raise an estimated $1 billion.

Kenvue states that it is the world's largest pure-play consumer health company by revenue, operating across three segments: self care, skin health and beauty, and essential health. Its differentiated portfolio of well-known brands includes Tylenol, Neutrogena, and Listerine, among others. Ten of its brands had over $400 million in net sales in 2021, and the company currently holds five #1 brand positions across major categories globally, in addition to many #1 brand positions locally. Kenvue has a global footprint, and approximately half of 2021 net sales were generated outside North America.

The Skillman, NJ-based company traces its roots to 1886 and booked $14.9 billion in sales for the 12 months ended October 2, 2022. It plans to list on the NYSE under the symbol KVUE. Kenvue filed confidentially on August 30, 2022. Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.