Officials from Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) rang the opening bell Monday at the New York Stock Exchange. The event marked the company’s Initial Public Offering, which kicked off last week.
Elanco says the underwriters of the IPO have full exercised their option to purchase an additional 9.4 million shares at the original price of $24.00 per share, bringing the IPO’s total value to more than $1.7 billion.
The IPO followed Indianapolis-based Eli Lilly and Co.’s (NYSE: LLY) decision earlier this year to spin off Elanco into its own publicly-traded company. Once the IPO is complete, Lilly will maintain more than 80 percent ownership of Elanco.
Elanco also announced the date for its first financial report as an independent, publicly-traded company, which will take place November 6.