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US IPO Weekly Recap: J&J’s Kenvue files for an estimated $5 billion IPO as Skyward joins the calendar

January 6, 2023
Weekly Recap

There were no IPOs in the first week of the new year, but there was still some notable activity.

The biggest news of the week came from the pipeline. Kenvue (KVUE), Johnson & Johnson’s consumer health products unit, filed for a deal we estimate could raise up to $5 billion. Kenvue is the world’s largest pure-play consumer healthy company by revenue with a portfolio of brands that include names like Tylenol and Neutrogena. Large and profitable, the company holds five #1 brand positions across major categories globally.

On the calendar, specialty property and casualty insurer Skyward Specialty Insurance Group (SKWD) launched what could be the first sizable IPO of 2023, planning to raise $128 million at a $588 million market cap in the week ahead.

1 Filing During the Week of January 2nd, 2023
Kenvue (KVUE)$5,000MConsumer StaplesGoldman
Consumer health products unit spun out of J&J.

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This past week, we updated our 2022 IPO market review, and published our annual rankings for the Big Four accounting firms.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/5/2023, the Renaissance IPO Index was down 2.0% year-to-date, while the S&P 500 was down 0.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was up 3.7% year-to-date, while the ACWX was up 1.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.