Johnson & Johnson’s big consumer-healthcare business priced its initial public offering at $22 a share in the biggest new-stock listing of the year.
The offering was priced at the higher end of the $20 to $23 targeted range, with about 10% more shares sold than planned, according to people familiar with the matter. At that price, the offering is expected to raise at least $3.7 billion and value the new company, known as Kenvue, at more than $40 billion.
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