Kenvue Inc. shares KVUE were cheered in their Wall Street debut Thursday, as the Johnson & Johnson JNJ spinoff, with consumer brands including Tylenol, Band-Aid and Listerine, saw it’s stock open 16.0% above its initial public offering price. Kenvue raised $3.8 billion as it said late Wednesday that it sold 172.
8 million shares in the IPO, up from previous expectations of 151.2 million shares, at $22 a share, which was at the higher end of the expected pricing range of between $20 and $23 a share. With 1.87 billion shares outstanding after the IPO, the pricing values the company at $41.08 billion. The stock’s first trade...