(Reuters) – Johnson & Johnson (NYSE:JNJ)’s consumer health unit Kenvue Inc was set to fetch a valuation of about $47 billion on Thursday, in what would be the biggest U.S. initial public offering since late 2021.

Shares, priced at $22 apiece by Kenvue, were indicated to open nearly 14% above their offer price on the New York Stock Exchange.

J&J on Wednesday sold 172.8 million shares of the business behind Band-Aid bandages in an upsized offering to raise $3.8 billion and said it will continue to own a stake of about 91% in Kenvue.

While the Kenvue deal is the largest IPO to launch since electric-vehicle maker Rivian Automotive Inc listed its shares on the Nasdaq in late 2021, deal advisers have warned that equity capital markets may not recover in a meaningful way any time soon.

Goldman Sachs (NYSE:GS), J.P. Morgan and BofA Securities were the lead underwriters of Kenvue’s offering.