Kenvue Inc., the consumer health subsidiary of Johnson & Johnson that encompasses Neutrogena, Aveeno and Tylenol brands, launched its initial public offering Thursday.

Shares started trading on the New York Stock Exchange under the symbol KVUE at $22 per share, valuing the company at roughly $42 billion, and poising it to raise about $3.8 billion. At market close, shares were trading at $26.46.

J&J still holds 90.9 percent of outstanding shares of the business.

J&J’s total consumer health business generated $15 billion in 2022, a 2.7 percent increase from the prior year. It also announced the appointment of its designate chief executive officer, Thibaut Mongon, and its chief financial officer, Paul Ruh, in May of last year.

“Helping consumers realize the extraordinary power of everyday care is at the heart of who we are and what we do,” Mongon said in a statement. “As a global leader at the intersection of health care and consumer goods, our carefully curated portfolio of science-backed, iconic brands has been trusted by consumers and recommended by health care professionals for generations. We are ready to bring a new view of care to the world.”

Other brands in Kenvue’s stable include Bebe, Biafine, Clean & Clear, Piz Buin, Sundown, Maui Moisture, Rogaine, Dr.Ci:Labo, NeoStrata, OGX, Dabao, Le Petit Marseillais, Band-Aid Adhesive Bandages, Johnson’s, Listerine, Tylenol and Zyrtec. 

Goldman Sachs & Co., J.P. Morgan and BofA Securities are the lead book-running managers for the IPO. Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets and UBS Investment Bank are also book-running managers. BBVA, ING, IMI – Intesa Sanpao, Santander, Unicredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., R Seelaus & Co. and Siebert Williams are co-managers.

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