GREENFIELD - Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) has begun its Initial Public Offering on the New York Stock Exchange. The company, which is being spun off from Indianapolis-based Eli Lilly and Co. (NYSE: LLY), is looking to raise more than $1.7 billion from the IPO.

The company is offering 62.9 million shares of its common stock at $24 per share. Elanco is also granting underwriters a 30-day option to purchase up to 9.4 million additional shares. The IPO is expected to close on Monday, subject to customary closing conditions.

The plan to spin off Elanco from Lilly was first announced in July. Once the IPO is complete, Lilly is expected to hold 82.3 percent of Elanco, though if the 30-day option is exercised in full, that number will drop to 80.2 percent.

The majority of the net proceeds from the IPO will be paid to Lilly as partial consideration for the animal health businesses that Lilly is transferring to Elanco.