February 3, 2013- Zoetis (ZTS), a subsidiary of Pfizer, Inc., (PFE) the world’s largest pharmaceutical company, saw its shares increase by a hefty twenty percent to close at $31.01 in its New York Stock Exchange (NYSE) debut on Friday.
Zoetis , a company that is a major player in the twenty two billion dollar animal health industry, produces and sells drugs and other services for livestock and domestic pets.
The stock hit the big board when trading began yesterday at $31.50 after the Madison, New Jersey-based company had priced its stock at $26 per share, a price that was above the anticipated price range of $22-$25.
Investors liked what they saw and when trading ended for the day Zoetis had raised a very significant amount of cash, two billion two hundred million dollars.
It was the largest initial public offering by an American company since Facebook debuted several months ago in May, 2012.
Pfizer, Inc. has been divesting itself of non-pharmaceutical divisions so that it can once again concentrate on its core business – drugs.
The company sold its nutrition business to Nestle Corporation last year for $11.9 billion.
Zoetis had sales of $4.2 billion last year and employs 9,500 workers worldwide.