The largest U.S. initial public offering (IPO) since 2021 was made on Thursday by Johnson & Johnson’s (J&J) consumer health spinoff Kenvue Inc., which saw a 16% increase and fetched a roughly $48 billion valuation.

Compared to their offer price of $22, each share of the mouthwash manufacturer Listerine debuted at $25.53.

J&J (NYSE:JNJ) raised $3.8 billion by selling 172.8 million company shares in a larger offering, but it also announced that it would keep a 91% ownership in Kenvue.

In an IPO market that has mostly been frozen over the last year owing to stock-market volatility and economic uncertainty, Kenvue’s outstanding launch is welcome news for aspirants waiting for market circumstances to improve before forging ahead with their listings.

“Investors are currently very sensitive to valuation, and Kenvue is simpler to assess than a software unicorn. Consumers should keep purchasing them even during a recession because it has established brands, said Matt Kennedy, senior strategist at Renaissance Capital.

Since electric vehicle manufacturer Rivian Automotive Inc. issued its shares on the Nasdaq in late 2021, Kenvue represents the largest offering to go public.

According to data from Dealogic, IPOs in the U.S. raised a record $154.07 billion in 2021, but that amount dropped to $8.63 billion last year as markets shook off macroeconomic worries.

Between January 1 and May 3, 2023, U.S. IPOs, excluding listings for SPACs, were down about 22%, totalling just $2.35 billion.

After Kenvue, whose products have long been the face of the company, debuted, J&J shares slightly declined to $162.

A year after J&J’s British rival GSK also finished the split of its consumer health business, Kenvue lists on the stock market. Shares of Haleon, a company with a London exchange, increased 9.4% from their closing price on its launch day in July 2022.