Bell rings on Kenvue launch

After a long build-up, J&J spin-off Kenvue launched on the New York Stock Exchange, raising more money than expected in its initial public offering and closing the day, up more than 20 per cent.

Initially planning on selling 151.2 million shares for between US$20-23, J&J ended up launching Kenvue by selling 172.8 million shares at US$22 each, raising US$3.8 billion, or AU$5.7 billion. The underwriters have a 30-day option to purchase another 25.9 million shares if they need to, for another US$569.8 million.

The shares rose sharply, closing the first day 22 per cent higher at US$26.90. That values the company at around US$50 billion, or AU$74.5 billion.