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Johnson & Johnson's Kenvue spinoff revives hope that the IPO market may be opening

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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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WSJ News Exclusive | J&J Consumer-Health IPO Process to Kick Off Key Test for Moribund New-Issue MarketJohnson & Johnson is set to begin pitching shares of its consumer-healthcare business in a big test for the IPO market
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