It has been two weeks since Zoetis (ZTS) made its public debut on the first day of the month. Shares of the animal health business, which is a spin-off of Pfizer (PFE), ended their first day with gains of 19.3% at $31.01 per share. Shares have continued to gain ground from that point in time, currently exchanging hands at $33.55.
The Public Offering
Zoetis is a leader in the discovery, development and manufacturing of animal health medicines and vaccines. The company has been an important business unit of Pfizer for the past 60 years, which has recently decided to divest the business.
Zoetis sold 86.1 million shares for $26 apiece. The company raised $2.24 billion in gross proceeds in the offering process, valuing the company at $13.0 billion.
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