Johnson & Johnson and Kenvue Announce Pricing of Upsized Kenvue Inc. Initial Public Offering
May 03 2023 - 7:22PM
Business Wire
Johnson & Johnson (NYSE: JNJ) and Kenvue Inc. (“Kenvue”), a
wholly owned subsidiary of Johnson & Johnson, today announced
the pricing of Kenvue’s upsized initial public offering (“IPO”) of
172,812,560 shares of Kenvue’s common stock at a price to the
public of $22.00 per share. In addition, Kenvue has granted the
underwriters a 30-day option to purchase up to an additional
25,921,884 shares of its common stock to cover over-allotments, if
any. 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, 2023. The IPO is expected to close on May
8, 2023, subject to the satisfaction or waiver of customary closing
conditions.
After the completion of the IPO, Johnson & Johnson will own
1,716,160,000 shares of Kenvue’s common stock, representing 90.9%
of the total outstanding shares of Kenvue’s common stock (or 89.6%
if the underwriters exercise in full their over-allotment
option).
Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are
acting as joint lead book-running managers for the IPO. Citigroup,
Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets
and UBS Investment Bank are acting as book-running managers for the
IPO and BBVA, ING, IMI – Intesa Sanpaolo, Santander, UniCredit
Capital Markets, Academy Securities, Independence Point Securities,
Ramirez & Co., Inc., R. Seelaus & Co., LLC and Siebert
Williams Shank are acting as co-managers for the IPO.
A registration statement on Form S-1 relating to these
securities has been filed and declared effective by the Securities
and Exchange Commission. The IPO is being made only by means of a
prospectus forming part of the effective registration statement. A
copy of the prospectus relating to the IPO, when available, may be
obtained from Goldman Sachs & Co. LLC, Attention: Prospectus
Department, 200 West Street, New York, New York 10282, telephone:
1-866-471-2526, facsimile: 212-902-9316, or by emailing:
prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717, telephone: 1-866-803-9204, or by emailing:
prospectus-eq_fi@jpmchase.com; or BofA Securities, NC1-022-02-25,
Attention: Prospectus Department, 201 North Tryon Street,
Charlotte, North Carolina 28255, telephone: 1-800-294-1322, or by
emailing: dg.prospectus_requests@bofa.com.
This press release is neither an offer to sell nor a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful.
About Johnson & Johnson
At Johnson & Johnson, we believe good health is the
foundation of vibrant lives, thriving communities and forward
progress. That’s why for more than 135 years, we have aimed to keep
people well at every age and every stage of life. Today, as the
world’s largest, most diversified healthcare products company, we
are committed to using our reach and size for good. We strive to
improve access and affordability, create healthier communities, and
put a healthy mind, body and environment within reach of everyone,
everywhere. We are blending our heart, science and ingenuity to
profoundly change the trajectory of health for humanity.
About Kenvue
Kenvue is the world’s largest pure-play consumer health company
by revenue. Built on more than a century of heritage and propelled
forward by science, our iconic brands—including AVEENO®, BAND-AID®
Brand Adhesive Bandages, JOHNSON’S®, LISTERINE®, NEUTROGENA®,
TYLENOL® and ZYRTEC® — are recommended by health care professionals
and can be trusted by consumers who use our products to improve
their daily lives. Our team members share a digital-first mindset,
with an approach to innovation grounded in deep human insights and
work every day to earn a place for our products in consumers’
hearts and homes. At Kenvue, we believe everyday care can not only
make people well; it can make them whole.
Cautions Concerning Forward-Looking Statements
This release contains “forward-looking statements” as defined in
the Private Securities Litigation Reform Act of 1995 regarding,
among other things: the closing of the IPO, whether the
underwriters will exercise their over-allotment option, the number
of shares to be held by Johnson & Johnson following the IPO and
the expectations relating to the listing of Kenvue’s common stock
on the New York Stock Exchange. Readers are cautioned not to rely
on these forward-looking statements. These statements are based on
current expectations of future events. If underlying assumptions
prove inaccurate or known or unknown risks or uncertainties
materialize, actual results could vary materially from the
expectations and projections of Johnson & Johnson and Kenvue.
Risks and uncertainties include, but are not limited to: the
satisfaction of customary closing conditions relating to the IPO;
capital market risks; and the impact of general economic or
industry conditions. For a further list and descriptions of the
risks, uncertainties and other factors that affect Johnson &
Johnson’s and Kenvue’s businesses, please review their respective
filings with the Securities and Exchange Commission, including
Johnson & Johnson’s Annual Report on Form 10-K for the fiscal
year ended January 1, 2023. Any forward-looking statement made in
this press release speaks only as of the date of this press
release. Johnson & Johnson and Kenvue do not undertake to
update any forward-looking statement as a result of new information
or future events or developments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230503006079/en/
Investor Relations: Jessica Moore (Johnson & Johnson)
investor-relations@its.jnj.com Tina Romani (Kenvue)
Kenvue_IR@kenvue.com
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