Kenvue completes first week on New York Stock Exchange

THE WHAT? Kenvue is about to complete its first week as a publicly traded company. The wholly owned subsidiary of Johnson & Johnson was floated on the New York Stock Exchange last Thursday at a price of $22 per share and will close on May 8.

THE DETAILS As of closing, Johnson & Johnson owns approximately 89.6 percent of the total number of Kenvue common stock outstanding and has publicly stated its intention to divest its controlling interest this year, subject to market conditions. Since trading opened, the stock has fluctuated between $25.25 and $27.03.

THE WHY? The net proceeds from the IPO will be paid to Johnson & Johnson as partial consideration for the consumer health business that Johnson & Johnson transferred to Kenvue in connection with the IPO. The move was intended as part of a wider movement to distance popular brands such as Aveeno and Neutrogena from the ongoing talk scandal.