Kenvue Inc., the consumer health business of Johnson & Johnson, climbed from its initial public offering price during Thursday’s debut session — breaking a lull in large US listings that’s lasted for more than a year.
The maker of brands including Tylenol, Band-Aid, Listerine and Nicorette rose 22% from the $22 offering price in its first day of trading. Kenvue’s $3.8 billion IPO was the biggest in New York since Rivian Automotive Inc. in November 2021 due to five quarters of volatility and interest-rate uncertainty that stalled most deals in the pipeline.
The IPO valued Kenvue at about $42 billion, according to Bloomberg Intelligence analyst Diana Gomes. Kenvue marketed the shares at $20 to $23 through a syndicate led by Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp.CA.Finance