As welcome as the Kenvue announcement is, it will not by itself turn around the disastrous IPO market, BobPisani writes.
The news that Johnson & Johnson had finally begun a roadshow for its long-awaited Kenvue spinoff elicited some satisfaction among IPO watchers. The key message: this spinoff of J & J's consumer healthcare division is chock full of names familiar to investors and the public: Band-Aid, Aveeno, Johnson's baby shampoo, Tylenol, Listerine and Neutrogena.
It was the biggest tech IPO of 2022, raising $861 million, but the float was only about 5% of the market cap. Corebridge Financial, the biggest IPO last year, floated about 12% of the market capitalization. Spinoffs have become a big business It's not lost on IPO watchers that spinoffs have become a big business.
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Breakingviews - J&J carves itself up at a discountJohnson & Johnson is paying a price to dismember itself. The $422 billion healthcare giant is floating part of its consumer business, named Kenvue, which sells brands ranging from Listerine to Tylenol. It’s hoping to raise $3.5 billion or more, at a valuation of around $40 billion, according to the Wall Street Journal. That’s nearly a 20% discount to rival Haleon , the consumer business spun off from GSK last year.
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