J&J's consumer-health spinoff Kenvue jumps 22% in public market debut
Publishing timestamp: 2023-05-04 16:49:20
Summary
Johnson & Johnson's consumer-health spinoff Kenvue started trading on NYSE under stock ticker KVUE, with shares jumping 22% on debut. The IPO values the new company at roughly $50 billion, making it the biggest U.S. IPO since Rivian in 2021. Kenvue holds well-known consumer brands like Band-Aid and Tylenol, and is already profitable. J&J will retain majority stake in Kenvue for now, with plans to reduce it later this year.
Sentiment: POSITIVE
Keywords: business, health, markets, dividends, ipo, johnson & johnson, health care industry, biotech and pharmaceuticals, breaking news: business, pharmaceuticals, business news, biotechnology, united states, earnings, kenvue inc, breaking news: markets, breaking news,
Source: https://www.cnbc.com/2023/05/04/jj-kenvue-ipo-kvue-starts-trading-on-nyse.html