J&J's Kenvue consumer health business prepares for stock IPO

The Johnson & Johnson logo appears above a trading post on the floor of the New York Stock Exchange, Monday, July 12, 2021. Johnson & Johnson reports earnings on Tuesday, April 18, 2023. (AP Photo/Richard Drew, file)

A bottle of Johnson's baby powder is displayed on April 15, 2011, in San Francisco. Johnson & Johnson is earmarking nearly $9 billion to cover allegations that its baby power containing talc caused cancer, more than quadrupling the amount that the company had previously set aside to pay for its potential liability. Under a proposal announced Tuesday, April 4, 2023, a J&J subsidiary will re-file for Chapter 11 bankruptcy protection and seek court approval for a plan that would result in one of the largest product-liability settlements in U.S. history. (AP Photo/Jeff Chiu, File)

Johnson & Johnson’s Kenvue consumer health business is preparing for an initial public offering of more than 151 million shares.

The health care giant said late Monday that the per-share IPO price for Kenvue Inc. should range between $20 and $23. J&J said Kenvue has launched a road show for its IPO. That involves the company talking to potential investors ahead of the offering.

The consumer health business sells well-known products like Band-Aids, Listerine and over-the-counter medicines such as Tylenol. J&J has said it expects an IPO by the end of the year.

J&J announced in late 2021 that it was splitting its consumer health division from the pharmaceutical and medical device divisions in a bid to make each more nimble.

-based J&J’s remaining businesses focus on pharmaceuticals and medical devices.

Kenvue has applied to list its stock under the ticker symbol “KVUE” on the New York Stock Exchange.

J&J, New Brunswick, New Jersey, will still own more than 90% of Kenvue’s shares after the IPO.