Key Takeaways
- 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 company’s 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.
Well-Known Products
The company bills itself as the “world’s 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 consumer goods.”
Source: https://www.investopedia.com/kenvue-shares-jump-on-first-day-of-trading-7489201?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral&yptr=yahoo