J&J consumer arm's shares jump 22pc in market debut

Shares of Johnson & Johnson's consumer-health spinoff Kenvue jumped 22 per cent on Thursday after its market debut on the New York Stock Exchange, making it the biggest US IPO in more than a year, reports CNBC.
The new company's shares closed at $26.90 after opening at $25.53. Kenvue originally priced its initial public offering at $22 on Wednesday night, toward the high end of its target range.
Thursday's move values the company at roughly $50 billion.
Kenvue sold 172.8 million shares in the offering, raising $3.8 billion and putting the company at a valuation of roughly $41 billion. The company initially planned to sell 151 million shares.
The company, which trades under the ticker KVUE, holds a wealth of widely known consumer brands such as Band-Aid, Tylenol, Listerine, Neutrogena, Aveeno and J&J's namesake baby powder.
"Millions of consumers around the world this morning wake up with a Kenvue product in their home," CEO Thibaut Mongon, told CNBC's "Squawk on the Street" Thursday morning ahead of the stock's debut.
Mongon previously served as J&J's executive vice president and worldwide chair of consumer health. He will sit on Kenvue's board.