Health and pharmaceutical giant Johnson & Johnson (J&J) unveiled plans to list its consumer healthcare business, Kenvue, as a stand-alone company, making it the first noteworthy filing of the new year for a US initial public offering (IPO).

Kenvue plans to raise up to $100 million for the IPO.

The offering is part of Kenvue’s previously disclosed separation from J&J, which will continue to be the name of the company housing its prescription drug and medical devices units. The company will oversee brands such as Band-Aid and Tylenol.

“We are well positioned to capitalize on this large market opportunity through our holistic approach to delivering consumer health solutions,” J&J said in the Securities and Exchange Commission (SEC) filing.

Kenvue’s sales for the nine months ending in October were around $11bn, J&J said, with net income of around $1.7bn.

The group’s pharmaceutical and medical devices division, which recently purchased heart pump specialists Abiomed for around $16.6bn, recorded sales of around $80bn in 2021, according to SEC filings.

Kenvue plans to list on the NYSE under the symbol KVUE. The company said J&J will continue to own at least 80.1% of the voting power of the company’s shares upon completion of the offering.

Goldman Sachs and JP Morgan are the joint bookrunners on the deal.