September 6, 2018 / 11:02 AM / in 17 days

Lilly's Elanco unit expects IPO to raise up to $1.45 bln

Sept 6 (Reuters) - Eli Lilly & Co’s Elanco Animal Health unit on Thursday said it expects its initial public offering of 62.9 million shares to raise up to $1.45 billion.

The IPO here is expected to be priced between $20-$23 per share. At the high end of the range, the company would have a valuation of about $8 billion.

In July, Lilly said it would take Elanco public, marking the end of a nine-month review that weighed options for the unit.

Analysts have cited the strong growth of top animal-health company Zoetis Inc since Pfizer listed it about five years ago.

Zoetis' IPO here raised $2.2 billion and the company currently has a market capitalization of $43 billion.

For the six months ended June 30, Elanco’s net income was$9.9 million and the company brought in revenue of $1.5 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Sweta Singh and Shounak Dasgupta)

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