Finance History|11 Wall Street — Twenty-Two Dollars for a Skillman Book Called KVUE
· 2023-5
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Finance History|11 Wall Street — Twenty-Two Dollars for a Skillman Book Called KVUE
kevin
People treat Kenvue as a Skillman consumer-health house that always printed KVUE after a finished New York book.
The 2023 issuer was Kenvue Inc., a New Jersey subsidiary that held Johnson and Johnson's consumer-health brands before the offering.
Kenvue's own 8 May 2023 notice said the company closed an initial public offering of 198,734,444 common shares at 22.00 U.S. dollars a share in 2023 dollars, including the underwriters' full exercise of an option to buy 25,921,884 shares.
The same notice said those shares began trading on the New York Stock Exchange under KVUE on 4 May 2023.
Net proceeds went to Johnson and Johnson as partial consideration for the consumer-health businesses transferred into Kenvue.
After the closing, Johnson and Johnson still owned about 89.6 percent of the outstanding Kenvue common stock.
The letters KVUE still open on this exchange.
The mechanism is a controlled subsidiary float in which the parent sells a minority slice, keeps the majority book, and takes the cash.
The pin is the Broad Street facade of the Exchange on the morning the Skillman book printed KVUE.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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