Investing.com -- Johnson & Johnson (NYSE:JNJ) priced shares of its consumer spinoff Kenvue at $20 to $23 apiece in an initial public offering, the company said in a filing Monday.
The consumer health business is seeking to raise about $3.25 billion from the sale of about 151.2 million shares.
Following the completion of the IPO, Johnson & Johnson would continue to own a 91.9% stake in Kenvue, which will trade on the New York Stock Exchange under the ticker “KVUE”.
J&J detailed plans to spin off its consumer health business in late 2021.
The lead underwriters are Goldman Sachs, JP Morgan, BofA Securities, Citigroup, and Deutsche Bank.
JNJ traded roughly flat in after-hours trade on Monday.