Reuters: Hot Stocks: UPDATE 1-Zoetis shares rise 21 pct in NYSE debut

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UPDATE 1-Zoetis shares rise 21 pct in NYSE debut Feb 1st 2013, 15:12 Fri Feb 1, 2013 10:12am EST (Adds company background) By Olivia Oran Feb 1 (Reuters) - Shares of Pfizer Inc's animal health subsidiary Zoetis Inc jumped 21 percent on their New York Stock Exchange debut on Friday. Shares opened at $31.50 after the Madison, New Jersey-based company's stock was priced at $26, above an expected range of $22 to $25 a share. Zoetis raised $2.2 billion in the largest initial public offering by a U.S. company since Facebook Inc 's IPO in May. The offering comes as Zoetis' parent firm Pfizer, the world's biggest drugmaker, divests its non-pharmaceuticals units to focus on its core prescription drugs business. Last April, Pfizer sold its infant nutrition business to Nestle SA for $11.9 billion. Zoetis, which has annual sales of about $4.2 billion and 9,000 employees worldwide, is the largest player in the $22 billion animal health industry. It sells vaccines and diagnostics, among other medicines. About two thirds of its sales are from products and services for livestock. Pfizer will control roughly 80 percent of Zoetis after the IPO, which accounts for 413.9 million Class B shares. J.P. Morgan Chase & Co, Bank of America Merrill Lynch Corp and Morgan Stanley led the offering. (Editing by Bernadette Baum) Link this Share this Digg this Email Reprints

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