GSK confirmed its plans to offer its consumer healthcare company on the public market in July on Monday, despite market worries and after rejecting overtures from Unilever.

GSK said in a statement that the new company, Haleon, which is the world’s largest consumer health business, will pay an initial dividend at the lower end of a 30-50 percent payment rate.

Following the demerger, Haleon is projected to have a net debt to adjusted core profit ratio of up to four times, but debt will be lowered to less than three times by the end of 2024, according to GSK, as part of a vow to maintain a “strong investment-grade balance sheet.”

The London Stock Exchange will list Haleon shares, while the New York Stock Exchange will list American depositary receipts.

According to a previously announced plan, GSK shareholders would get equity in the new consumer health firm equal to at least 80% of GSK’s present 68 percent ownership. The remaining 32 per cent is owned by Pfizer.

GSK, which will concentrate on drugs and vaccines, said it will sell the remaining 20% of Haleon “in a methodical way” following the anticipated market launch. Pfizer has also stated that it intends to sell its stake in the company.

The announced IPO proposal comes as the crisis in Ukraine’s impact on global trade and finance has interrupted the timeline for stock market listings in Europe and the United Kingdom in the coming months.

Ibercaja, a Spanish bank, Ottobock, a German prosthetic limb producer, and GCP Co-Living REIT are among the significant public companies whose IPOs have been delayed.

(Adapted from Reuters.com)