Kenvue Announces Closing of Initial Public Offering

May 08, 2023 at 16:33 PM EDT

Kenvue Inc. (NYSE: KVUE) (“Kenvue”) the world’s largest pure-play consumer health company by revenue, today announced the closing of its initial public offering (“IPO”) of 198,734,444 shares of its common stock at a price to the public of $22.00 per share, including the underwriters’ full exercise of their option to purchase 25,921,884 shares to cover over-allotments. Shares of Kenvue’s common stock began trading on the New York Stock Exchange under the symbol “KVUE” on May 4, 2023.

As of the closing of the IPO, Johnson & Johnson (NYSE: JNJ) owns approximately 89.6% of the total outstanding shares of Kenvue common stock. Johnson & Johnson has publicly stated that it has an intention to dispose of its majority stake in Kenvue common stock in 2023, subject to market conditions.

The net proceeds from the IPO will be paid to Johnson & Johnson as partial consideration for the consumer health businesses that Johnson & Johnson transferred to Kenvue in connection with the IPO.

Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities acted as joint lead book-running managers for the IPO. Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets and UBS Investment Bank acted as book-running managers for the IPO and BBVA, ING, IMI - Intesa Sanpaolo, Santander, UniCredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., Inc., R. Seelaus & Co., LLC and Siebert Williams Shank acted as co-managers for the IPO.

The offering was made only by means of a prospectus. Copies of the prospectus related to the offering may be obtained from:

Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or by emailing: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing: prospectus-eq_fi@jpmchase.com; or BofA Securities, NC1-022-02-25, Attention: Prospectus Department, 201 North Tyron Street, Charlotte, North Carolina 28255, telephone: 1-800-294-1322, or by emailing: dg.prospectus_requests@bofa.com.

A registration statement relating to these securities was filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Kenvue

Kenvue is the world’s largest pure-play consumer health company by revenue. Built on more than a century of heritage and propelled forward by science, our iconic brands—including AVEENO^®, BAND-AID^®Brand Adhesive Bandages, JOHNSON’S^®, LISTERINE^®, NEUTROGENA^®, TYLENOL^® and ZYRTEC^® — are recommended by health care professionals and can be trusted by consumers who use our products to improve their daily lives. Our team members share a digital-first mindset, with an approach to innovation grounded in deep human insights and work every day to earn a place for our products in consumers’ hearts and homes. At Kenvue, we believe everyday care can not only make people well; it can make them whole.

Cautions Concerning Forward-Looking Statements

This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Kenvue. Risks and uncertainties include, but are not limited to: capital market risks and the impact of general economic or industry conditions. For a further list and descriptions of the risks, uncertainties and other factors that affect Kenvue’s business, please review its filings with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date of this press release. Kenvue does not undertake to update any forward-looking statement as a result of new information or future events or developments.