since EV maker Rivian went public in November 2021.in 2022. But it may be a sign of life for initial public offerings in the U.S.in late 2021 as a bid to streamline operations and refocus on its pharmaceutical and medical device divisions.J&J will control 91.9% of Kenvue after the IPO — or 90.8% if underwriters exercise their options to purchase additional shares, according to the prospectus filing.
"Johnson & Johnson will continue to control the direction of our business, and the concentrated ownership of our common stock may prevent you and other shareholders from influencing significant decisions," Kenvue said in the filing.Kenvue is profitable and expects modest growth over the next few years, the company said in the filing.
Kenvue posted $14.95 billion in sales for 2022 and a net income of $1.46 billion on a pro forma basis. For the first quarter that ended April 2, Kenvue estimates it raked in sales of $3.85 billion and net income of around $330 million. Those first-quarter results are preliminary.Overall, Kenvue said 2022 sales were "well balanced" across the company's three business divisions.
Skin health and beauty products accounted for $4.4 billion in net sales last year, or 29% of overall revenue. Among those products are shampoos, conditioners, hair loss treatments and skin care.
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