Zoetis' spectacular IPO: the company raises $2.24 billionStaff writer ▼ |
Pfizer has priced its initial public offering of 86 million shares at $26 per share, for a total of $2.2 billion. That's 17% of the company, Pfizer will retain an 83% stake but it will offer more shares, meaning the IPO values the company as a whole at $13 billion. The shares climbed 18 percent to $30.75 at 11:51 a.m. New York time.
Zoetis has 9500 employees and markets products in 120 countries, making sales of about $4.2 billion in 2011. The company has 29 manufacturing facilities in 11 countries and its products serve veterinarians, livestock producers and people who raise and care for farm and companion animals.
Pfizer announced in mid 2012 that it was planning to spin off the business. Since Ian Read took over as chief executive two years ago, the company has made several moves to focus the company on its core business of pharmaceuticals. ■