Eighteen months after Johnson & Johnson said it would spin off its consumer healthcare group into a separate company, Kenvue launched its IPO on the New York Stock Exchange.
WHO: Kenvue, the consumer health subsidiary of Johnson & Johnson, is the world’s largest pure-play consumer health company by revenue. Built on more than a century of heritage, the brand portfolio includes Aveeno, Band-Aid Brand Adhesive Bandages, Johnson's, Listerine, Neutrogena, Tylenol, and Zyrtec.
Johnson & Johnson is 135 years old and is the world’s largest, most diversified healthcare products company.
DETAILS:
- Kenvue shares began trading on the New York Stock Exchange under the symbol KVUE at $22 per share, valuing the company at roughly $42 billion and positioning it to raise about $3.8 billion.
- J&J still holds 90.9 percent of the outstanding shares of the business.
- Before the official split, Kenvue had been operating as a “company within a company." J&J’s total consumer health business generated $15 billion in 2022, a 2.7 percent increase from the prior year.
- J&J is still facing more than 40,000 lawsuits in the US regarding its allegedly carcinogenic talc-based baby powder and struggling to resolve the issue with a recent $8.9 billion settlement proposal. Kenvue will assume talc-related liabilities that arise outside the US and Canada, according to the IPO filing.
- Goldman Sachs & Co. LLC, J.P. Morgan, and BofA Securities are acting as joint lead book-running managers for the IPO; Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets, and UBS Investment Bank are acting as book-running managers for the IPO; and BBVA, ING, IMI – Intesa Sanpaolo, Santander, UniCredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., Inc., R. Seelaus & Co., LLC, and Siebert Williams Shank are acting as co-managers for the IPO.
