Kenvue Shares Jump on First Day of Trading
Shares of Kenvue, the consumer health spinoff of Johnson & Johnson, debuted on the markets on May 4, 2023. The company makes well-known products such as BAND-AIDs, Listerine, Tylenol, and Zyrtec. Following IPO pricing of $22 per share, Kenvue stock closed its first trading session at $26.90, marking gains of 22%. Shares of Kenvue soared on the first day of trading for the consumer health spinoff of Johnson & Johnson (JNJ). Kenvue priced its initial public offering (IPO) at $22 per share, at the high end of the expected range, valuing it at about $41 billion. That made it the largest U.S. IPO in more than a year. Shares ended the session at $26.90, up 22%, raising the companys market capitalization to about $50 billion. Kenvue reported annual sales of $14.95 billion in 2022, with pro forma net income of $1.46 billion. It estimates first quarter revenue was $3.85 billion and adjusted net income was between $320 million and $340 million. The company bills itself as the “worlds largest pure-play consumer health company by revenue,” and it makes popular products including BAND-AID bandages, Listerine mouthwash, Tylenol painkiller, and Zyrtec allergy medicine. CEO Thibaut Mongon said that Kenvue was “a global leader at the intersection of healthcare and