Animal Health Firm Zoetis Is Biggest IPO Since Facebook

Yesterday, animal health business Zoetis announced it would be pricing over 86 million shares of Class A common stock at $26 per share, a price higher than its original $22-$25 range. The IPO began trading today, and raised more than $2.2 billion for the former Pfizer division. Even after today's IPO, which is the biggest in the U.S. since Facebook's last May, Pfizer will retain a substantial ownership stake -- 83% -- in the newly public company. Pfizer could give up an extra 3% of the company to underwriters, should they choose to exercise certain options.

Zoetis, which has a 60-year history under Pfizer, makes vaccines for both farm and companion animals, and has operations in about 70 countries worldwide. The market was able to support the pricing at the higher $26 level with ease; shares closed nearly 20% higher today, finishing at $31.03.

The article Animal Health Firm Zoetis Is Biggest IPO Since Facebook originally appeared on Fool.com.

Fool contributor John Divine has no position in any stocks mentioned.  You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine . The Motley Fool recommends Facebook. The Motley Fool owns shares of Facebook. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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