Zoetis jumps 19% in trading debut

Zoetis Inc. (NYSE:ZTS) was up $5.01 (19%) to 31.01 in its first day of trading on Friday after the company priced 86.1 million class A common shares at $26 in a $2.2 billion IPO. Zoetis and Pfizer Inc. (NYSE:PFE), which spun out the animal health business, did not raise any money in the offering. Instead, Pfizer exchanged its debt for the shares with the underwriters. The price, which was above the $22-$25 price range that was set last month, values Zoetis at $13 billion. The IPO was underwritten by JPMorgan; BofA Merrill Lynch; Morgan Stanley; and 16 other banks. ...