J&J’s Consumer Spinoff Kenvue Starts Trading At 16% Above Asking Price
Johnson & Johnson’s spinoff, Kenvue, debuted on the stock market today at $25.53 a share, 16% up from its asking price.
Kenvue originally priced its shares at $22 in the high end of its range. Its IPO debut raised the company $3.8 billion through 172.8 million shares, valuing Kenvue at around $48 billion, the company reported.
Back in 2021, Johnson & Johnson announced it would split its pharmaceutical brand from its consumer health division, marking one of the biggest changes to its 100-year-old history. Kenvue, the consumer health arm that owns a slew of household names like Tylenol, Band-Aid and Neutrogena, announced last week it would brave the icy public markets and go public.
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Johnson & Johnson is still a majority shareholder in Kenvue, representing a 90.9% stake in the company and owning 1.7 billion shares of common stock.
Sign of a bustling public market ahead?
Kenvue’s blockbuster debut may be a sign that the public markets are thawing. 2021 saw an unprecedented number of startups go public, but the market chilled considerably in 2022.
Last year, Getty Images raised $1.9 billion when it debuted back in July, while marketing platform System1 raised $518 million in January. They were part of a mere 91 startups that went public in 2022, per Crunchbase data. By comparison, over 400 startups debuted on the stock market in 2021 and 190 debuted in 2020.
In 2022, several companies scrapped or paused their IPO plans as the economic health of the U.S. became more uncertain, but it’s clear many are waiting for the right time to go public. Both fast-fashion retailer Shein and fintech platform Stripe are reportedly in talks to explore IPO options no later than 2024.
Startups, after raising huge rounds at high valuations in 2021, are looking for ways to extend their runways. And the banking crisis that killed Silicon Valley Bank and rippled out is only causing more uncertainty for risky startups that don’t often meet banks’ loan requirements.
Related Crunchbase Pro Query:
- 2022 U.S. IPOs
Illustration: Dom Guzman
Read More
Most-Active US Investors: Khosla, Accel Top May Ranking
J&J’s Consumer Spinoff Kenvue Starts Trading At 16% Above Asking Price
Johnson & Johnson’s spinoff, Kenvue, debuted on the stock market today at $25.53 a share, 16% up from its asking price.
Kenvue originally priced its shares at $22 in the high end of its range. Its IPO debut raised the company $3.8 billion through 172.8 million shares, valuing Kenvue at around $48 billion, the company reported.
Back in 2021, Johnson & Johnson announced it would split its pharmaceutical brand from its consumer health division, marking one of the biggest changes to its 100-year-old history. Kenvue, the consumer health arm that owns a slew of household names like Tylenol, Band-Aid and Neutrogena, announced last week it would brave the icy public markets and go public.
Search less. Close more.
Grow your revenue with all-in-one prospecting solutions powered by the leader in private-company data.
Johnson & Johnson is still a majority shareholder in Kenvue, representing a 90.9% stake in the company and owning 1.7 billion shares of common stock.
Sign of a bustling public market ahead?
Kenvue’s blockbuster debut may be a sign that the public markets are thawing. 2021 saw an unprecedented number of startups go public, but the market chilled considerably in 2022.
Last year, Getty Images raised $1.9 billion when it debuted back in July, while marketing platform System1 raised $518 million in January. They were part of a mere 91 startups that went public in 2022, per Crunchbase data. By comparison, over 400 startups debuted on the stock market in 2021 and 190 debuted in 2020.
In 2022, several companies scrapped or paused their IPO plans as the economic health of the U.S. became more uncertain, but it’s clear many are waiting for the right time to go public. Both fast-fashion retailer Shein and fintech platform Stripe are reportedly in talks to explore IPO options no later than 2024.
Startups, after raising huge rounds at high valuations in 2021, are looking for ways to extend their runways. And the banking crisis that killed Silicon Valley Bank and rippled out is only causing more uncertainty for risky startups that don’t often meet banks’ loan requirements.
Related Crunchbase Pro Query:
- 2022 U.S. IPOs
Illustration: Dom Guzman
Read More