Johnson & Johnson plans to launch an initial public offering for Kenvue Inc., a completely owned subsidiary comprising its Consumer Health business, later this 12 months.

The corporate goals to lift as much as $3.5 billion within the IPO, which comes at a time of muted public offerings within the U.S.

J&J’s Consumer Health activity involves self care, skin health and sweetness, and essential health brands, including Neutrogena, Aveeno, Dr. Ci:Labo, NeoStrata, OGX, Dabao and Le Petit Marseillais.

J&J, which just launched a roadshow for the IPO, is offering 151.2 million shares of common stock of Kenvue, that are priced between $20 and $23 per share.

J&J said that it expects to grant the underwriters a 30-day choice to buy as much as a further 22.7 million shares of its common stock to cover over-allotments, if there are any.

Kenvue can be valued at as much as $43.5 billion.

Kenvue’s common stock is anticipated to list on the Latest York Stock Exchange under the symbol KVUE.

Once the IPO takes place, J&J will own 1.72 billion shares of Kenvue’s common stock, or 91.9 percent of the overall outstanding share of its common stock. If the underwriters exercise their full over-allotment option, it could own 90.8 percent.

Goldman Sachs & Co., J.P. Morgan and BofA Securities are jointly acting as lead book-running managers for the IPO.

Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets and UBS Investment Bank are book-running managers for the IPO, while BBVA, ING, IMI – Intesa Sanpao, Santander, UniCredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., R. Seelaus & Co. and Siebert Williams Shank are acting as co-managers.

J&J’s total Consumer Health Sales got here in at $15 billion in 2022, up 2.7 percent against 2021.

The corporate announced its plans to carve out its Consumer Health business in 2021. In May 2022, the corporate named Thibaut Mongon and Paul Ruh as its designate chief executive officer and chief financial officer, respectively.

Also last 12 months, it was announced the spin-off company can be called Kenvue and was expected to launch in 2023.

Other principal brands in Kenvue include Bebe, Biafine, Clean & Clear, Piz Buin, Sundown, Maui Moisture and Rogaine.