Kenvue is set to make its debut in the S&P 500 index, a move confirmed by S&P Dow Jones Indices following the impending completion of Johnson and Johnson's exchange offer for Kenvue stock.
The inclusion comes after Kenvue's nearly $47 billion initial public offering by Johnson and Johnson in May.
The exchange offer, which allows J&J investors to trade their stock for Kenvue shares, is slated to conclude on August 18.
S&P Dow Jones Indices announced that Kenvue's inclusion in the S&P 500 index will be determined after the culmination of the exchange offer. In an official press release issued late Wednesday, it was revealed that J&J intends to trade up to 1.7 billion Kenvue shares—equivalent to approximately a 90% ownership stake—for its own stock.
Kenvue's portfolio includes prominent brands like Listerine, Band-Aid, and Tylenol.
Shares of Kenvue were up nearly 1.8% at $23.35 on Thursday morning ahead of the opening bell.
Contact Angela at angela@proactiveinvestors.com
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