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Shares, priced at $22 apiece by Kenvue, were indicated to open nearly 14% above their offer price on the New York Stock Exchange.
J&J on Wednesday sold 172.8 million shares of the business behind Band-Aid bandages in an upsized offering to raise $3.8 billion and said it will continue to own a stake of about 91% in Kenvue.
While the Kenvue deal is the largest IPO to launch since electric-vehicle maker Rivian Automotive Inc listed its shares on the Nasdaq in late 2021, deal advisers have warned that equity capital markets may not recover in a meaningful way any time soon.
Goldman Sachs (NYSE:GS), J.P. Morgan and BofA Securities were the lead underwriters of Kenvue’s offering.
