Kenvue IPO: Stock priced as Johnson & Johnson spinoff set to trade today on NYSE

Kenvue, a subsidiary of Johnson & Johnson, is holding its initial public offering and expected to begin trading on the public markets today. If you haven’t heard of Kenvue before, that’s okay. Johnson & Johnson only came up with the name last year. Still, Kenvue is expected to be one of the largest IPOs of the last few years. Here’s what you need to know about it:

What is Kenvue? Kenvue is the name that Johnson & Johnson gave to a subsidiary that houses the company’s consumer health products sector. These products include very recognizable brand names, such as Neutrogena, Listerine, Johnson’s (as in the baby oil), Band-Aid, and Tylenol. Upon announcing the new subsidiary last year, Johnson & Johnson said, “Kenvue will have a bright future thanks to an iconic portfolio of consumer brands that have delivered care, comfort and confidence for generations.”
So Kenvue is being spun off into its own company? Yes, and that’s always been the plan. In a September 2022 press release announcing the new company, Johnson & Johnson CEO Joaquin Duato, said, “Today’s announcement is another milestone for the Consumer Health business. Kenvue is poised to thrive as a standalone company with a leading portfolio of brands consumers love and trust. I’m confident in this team and excited to see what the future holds.”
What are Kenvue’s annual revenues like? Technically the company hasn’t had a year of annual revenues yet since it is so new. But Kenvue comprises Johnson & Johnson’s consumer health business, which pulled in $14.9 billion in revenue in 2021. 
What is Kenvue’s stock ticker? Kenvue stock symbol will be KVUE.
Which exchange will Kenvue trade on? KVUE will trade on the New York Stock Exchange (NYSE).
When will KVUE trading begin? Kenvue’s stock will begin trading today, Thursday, May 4, 2023.
How many shares of Kenvue will be available? Just over 172 million shares of common stock will be available to the public, according to a Johnson & Johnson press release. But that’s just a fraction of the company’s shares. After the IPO, Johnson & Johnson will own 1.7 billion shares of KVUE, comprising over 90% of Kenvue’s total shares.
What will KVUE’s IPO stock price be? KVUE shares will begin trading at $22 per share.
Anything else to know? Kenvue is currently valued at $41 billion, with $3.7 billion worth of shares up for grabs by the public in today’s IPO. As the Financial Times points out, the offering is the largest IPO since EV maker Rivian went public in November 2021.