SKILLMAN, NJ, May 8, 2023–(BUSINESS WIRE)–Kenvue Inc. (NYSE: KVUE) (“Kenvue”), the world’s largest pure-play consumer healthcare company by revenue, today announced the completion of its initial public offering (“IPO”) 198,734,444 shares of its common stock at a public price of $22.00 per share, including the full exercise of the underwriters’ option to purchase 25,921,884 shares to cover over-allotments. Kenvue’s common stock began trading on the New York Stock Exchange on May 4, 2023 under the symbol “KVUE.”
At the close of the IPO, Johnson & Johnson (NYSE: JNJ) owned approximately 89.6% of the total outstanding common stock of Kenvue. Johnson & Johnson has publicly stated that it intends to divest its controlling interest in Kenvue common stock in 2023, subject to market conditions.
The net proceeds from the IPO will be paid to Johnson & Johnson as partial consideration for the consumer health businesses that Johnson & Johnson transferred to Kenvue in connection with the IPO.
Goldman Sachs & Co. LLC, JP Morgan and BofA Securities acted as joint lead book-running managers for the IPO. Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets and UBS Investment Bank acted as book-running managers for the IPO and BBVA, ING, IMI – Intesa Sanpaolo, Santander, UniCredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., Inc., R. Seelaus & Co., LLC and Siebert Williams Shank served as co-managers for the IPO.
The offer was made only by means of a prospectus. Copies of the prospectus relating to the offering are available from:
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, phone: 1-866-471-2526, fax: 212-902-9316, or email: prospectus-ny @ny.email.gs.com; JP Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or email: [email protected]; or BofA Securities, NC1-022-02-25, Attn: Prospectus Department, 201 North Tyron Street, Charlotte, North Carolina 28255, Telephone: 1-800-294-1322, or by email: [email protected] .com
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A registration statement relating to these securities has been filed with and validated by the US Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
About Kenvue
Kenvue is the world’s largest pure-play consumer healthcare company by revenue. Built on more than a century of heritage and driven by science, our legendary brands are recommended by the healthcare community – including AVEENO®, BAND-AID® Brand Bandages, JOHNSON’S®, LISTERINE®, NEUTROGENA®, TYLENOL® and ZYRTEC® They can be trusted by professionals and consumers who use our products to improve their daily lives. Sharing a digital-first mindset with an approach to innovation rooted in deep human insight, our team members work every day to bring our products a place in consumers’ hearts and homes. At Kenvue, we believe that daily care can not only make people healthy; it can make them whole.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. These statements are based on current expectations of future events. Should underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from Kenvue’s expectations and projections. Risks and uncertainties include, but are not limited to: capital market risks and the effects of general economic or industry conditions. A further list and descriptions of the risks, uncertainties and other factors affecting Kenvue’s business are contained in the filings with the Securities and Exchange Commission. All forward-looking statements in this press release speak only as of the date of this press release. Kenvue undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments.
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