It's IPO day for J&J's Kenvue: Stock gains 20% in first day of trading as unit raises $3.8B
In one of the biggest healthcare IPOs of the last decade, Johnson & Johnson’s consumer spinout Kenvue raised $3.8 billion and started trading on the public markets Thursday.
The shares priced at $22, J&J said in a statement early Thursday, at the upper end of the $20 to $23 range contemplated in a regulatory filing last month. They quickly gained 20% in their first day on the market.
At the IPO price, Kenvue was valued at $41.5 billion, instantly making it one of the biggest healthcare companies in the world. In addition to pricing at the high end, J&J sold about 20 million more shares than the company had suggested last month in a regulatory filing.
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