Kenvue, Johnson & Johnson's consumer health subsidiary, recently underwent an expanded initial public offering, raising $3.8 billion. This debut represents the largest restructuring event in the company's 135-year history. The split was announced in late 2021 as an effort to streamline operations and refocus the pharmaceutical and medical device divisions.

Following the IPO, Johnson & Johnson will retain control of 91.9% of Kenvue, or 90.8% if the underwriters exercise their option to purchase additional shares. Kenvue's product portfolio includes several well-known brands such as Tylenol, Listerine, Neutrogena and Nicorette. Kenvue achieved revenues of nearly $15 billion and net income of approximately $1.5 billion (pro forma) last year and is expected to record annual revenue growth of approximately 3% to 4% globally through 2025. Kenvue will have a team of more than 22,000 employees spread across 165 countries and 25 of its own manufacturing facilities.

Global IPO activity has slowed, mainly due to persistent inflation, higher interest rates, the ongoing war in Ukraine and the recent banking crisis, which have dampened investor sentiment. Kenvue's IPO is the largest offering since electric carmaker Rivian's IPO in November 2021, and will itself more than double the amount raised through conventional U.S. listings this year.

Kenvue's shares were approved for listing on the New York Stock Exchange and began trading on May 4, 2023. After the IPO at $22 per share, Kenvue shares closed the first trading session at $26.90, a gain of 22% and a market capitalization of about $50 billion.