J&J Consumer Health Business Will be Listing on NYSE Under Ticker “KVUE”
- Chaileedo Press
- May 4, 2023
- 2 min read
Updated: Jul 4, 2023
Kenvue, a consumer health business under Johnson & Johnson, is expected to be listed on the New York Stock Exchange under the ticker “KVUE”. Kenvue priced its IPO at $22 per share, which made Kenvue valued at around $41 billion.
Johnson & Johnson's consumer health subsidiary, Kenvue, is expected to trade Thursday morning on the New York Stock Exchange under the ticker “KVUE.”
Kenvue, a consumer health business under Johnson & Johnson, plans to issue 151.2 million common shares in its IPO, with an offering price range of $20 to $23 per share. Goldman Sachs & Co. LLC, J.P. Morgan, and BofA Securities are acting as joint lead book-running managers for the IPO. Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets, and UBS Investment Bank are acting as book-running managers for the IPO
Kenvue's offering size has been further increased to 172.8 million common shares, with an offering price of $22 per share. Based on this offering price, Kenvue is expected to raise over $3.8 billion through this IPO. If the overallotment option is exercised, the total fundraising size will exceed $4 billion, and the IPO market capitalization will exceed $41 billion.
This means that Kenvue will not only become the largest U.S. IPO of 2023 so far but also the largest U.S. IPO since November 2021. The amount raised by Kenvue will be twice the sum of the fundraising size of all the companies that have completed IPOs on the U.S. stock market in 2023.
Currently, Kenvue has a total of 44 brands under its umbrella, with more than 10 brands generating over $400 million in net sales in 2022. Many of its brands hold the number one position in North American or global sub-markets, including well-known brands such as Tylenol, Neutrogena, Listerine, Johnson's Baby Powder, and Band-Aid.
The overall business of Kenvue is divided into three segments.
The Skin Health and Beauty segment includes face and body care, hair care, and sun care products, with major brands such as Neutrogena, Aveeno, and OGX.
The Essential Health segment includes oral care, baby care, and other essential health products for women's health and wound care, with major brands such as Listerine, Johnson's, Band-Aid, and Stayfree.
The Self Care segment includes cough, cold, and allergy products, pain relief, and other self-care products such as digestive health and smoking cessation, with major brands such as Tylenol, Nicorette, and Zyrtec.
In the year 2022, Kenvue delivered net sales of $14.95 billion, slightly lower than the $15.05 billion in 2021, with over half of the revenue coming from outside North America. Kenvue’s net profit reached $2.09 billion, which saw a growth of 2.8% compared to 2022. In Q1 2023, Kenvue reported net sales of $3.85 billion, with an increase of 7.3% compared to 2022 Q1.
Johnson & Johnson said after the completion of the IPO, Johnson & Johnson will own 1,716,160,000 shares of Kenvue’s common stock, representing 91.9% of the total outstanding shares of Kenvue’s common stock.
Comentários