The carve-out of the former Johnson & Johnson consumer health business is the largest U.S. IPO since November 2021

Davis Polk advised the representatives of the several underwriters in connection with the $4.37 billion upsized initial public offering of 198,734,444 shares of common stock of Kenvue Inc., which reflects the full exercise of the underwriters’ over-allotment option. The common stock is listed on the New York Stock Exchange under the symbol “KVUE.”

The deal is the largest U.S. IPO since November 2021 and the largest IPO to result from a corporate carve-out by a U.S. company in over two decades. Kenvue’s IPO raised more than every other U.S. IPO to date in 2023 combined.

This transaction is the second largest U.S. listed consumer retail IPO by a U.S. issuer.

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, its iconic brands – including Aveeno, Band-Aid, Johnson’s, Listerine, Neutrogena, Tylenol and Zyrtec – are recommended by healthcare professionals and can be trusted by consumers who use its products to improve their daily lives.

The Davis Polk capital markets team included partners John B. Meade and Roshni Banker Cariello and associates Jacqueline Marino, Kerim K. Aksoy and Jenny Li. Partner William A. Curran provided tax advice. Partner Matthew J. Bacal and associate Christopher C. Woller provided intellectual property advice. Counsel David A. Zilberberg provided environmental advice. Partner Kyoko Takahashi Lin provided executive compensation advice. All members of the Davis Polk team are based in the New York office.