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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Source: WSJ - 🏆 98. / 63 Read more »