THE WHAT? Kenvue is poised to complete its first week as a publicly traded company. The wholly owned subsidiary of Johnson & Johnson floated on the New York Stock Exchange last Thursday, priced at US$22 per share, with the IPO set for completion on May 8.
THE DETAILS As of the closing, Johnson & Johnson owns approximately 89.6 percent of the total outstanding shares of Kenvue common stock and has publicly stated its intention to dispose of its majority stake this year, subject to market conditions. Since trading opened, stock has ranged at US$25.25 to US$27.03.
THE WHY? The net proceeds from the IPO will be paid to Johnson & Johnson as partial consideration for the consumer health businesses that Johnson & Johnson transferred to Kenvue in connection with the IPO. The move was designed as part of a wider move to distance popular brands such as Aveeno and Neutrogena from the ongoing talc scandal.
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