Johnson & Johnson's consumer health spinoff, Kenvue, was valued at $40 billion ahead of its initial public offering, The Wall Street Journal reported April 23.
People familiar with the business told the Journal that Kenvue plans to raise $3.5 billion and is meeting with potential investors on April 24.
Kenvue — which makes brands including Band-Aid, Tylenol, Neutrogena and Listerine — generated $14.95 billion in global sales for Johnson & Johnson in 2022.
The New Brunswick, N.J.-based drugmaker first announced the split into two independent companies in November 2021.
The Journal called the share sale the "biggest of what so far has been a quiet year for IPOs."