Zoetis of Pfizer Inc Raises $2.2b in IPO
Zoetis, which priced 86.1m shares at $26 according to Reuters, is now valued at a massive $13 billion. Shares in the company were expected to sell for between $22 and $25 each, have exceeded expectations. Zoetis sells pharmaceutical products for livestock and domestic pets.
Related news: Pfiser Zoetis Files IPO Statement
Raising over $2.2 billion in shares, Zoetis’ IPO is the largest for a US company since Facebook raised $16 billion last May. According to Reuters, the deal was between 10 and 20 times oversubscribed, meaning demand for the deal was very high.
The deal for Zoetis comes as its parent Pfizer, the world's biggest drug maker, is divesting its non-pharmaceuticals units in order to focus on its core prescription drugs business.
Last April, Pfizer sold its infant nutrition business to Nestle SA (NESN.VX) for $11.9 billion.