J&J’s Kenvue Climbs in Debut After Biggest US IPO Since 2021 (2)

Kenvue Inc., the consumer health business of Johnson & Johnson, climbed from its initial public offering price during Thursday’s debut session — breaking a lull in large US listings that’s lasted for more than a year.

The maker of brands including Tylenol, Band-Aid, Listerine and Nicorette rose 22% from the $22 offering price in its first day of trading. Kenvue’s $3.8 billion IPO was the biggest in New York since Rivian Automotive Inc. in November 2021 due to five quarters of volatility and interest-rate uncertainty that stalled most deals in the pipeline.

The IPO valued Kenvue at ...