Johnson & Johnson’s consumer-health spinoff Kenvue made its market debut on the New York Stock Exchange, resulting in the biggest U.S. IPO in over a year. The company’s shares rose by 22% on Thursday, closing at $26.90 after opening at $25.53. Kenvue had initially priced its initial public offering at $22 on Wednesday night, which was towards the high end of its target range. This move values the company at approximately $50 billion.
Kenvue sold 172.8 million shares in the offering, raising $3.8 billion and putting the company at a valuation of roughly $41 billion. The company had initially planned to sell 151 million shares. Kenvue holds a wealth of widely known consumer brands such as Band-Aid, Tylenol, Listerine, Neutrogena, Aveeno, and J&J’s namesake baby powder. CEO Thibaut Mongon told CNBC’s “Squawk on the Street” Thursday morning ahead of the market debut that “millions of consumers around the world this morning wake up with a Kenvue product in their home.”
2023-05-04 15:29:44
Article from www.cnbc.com