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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Mead Johnson Nutrition, the world’s largest maker of baby formula, raised $720 million in the first U.S. initial public offering since November.
The company, a unit of New York-based Bristol-Myers Squibb Co., began trading on the New York Stock Exchange this morning under the ticker symbol “MJN,” with shares opening at $26.
Mead Johnson said in a statement that it sold 30 million shares at $24 each. The shares were priced at the top of an expected range of $21 to $24, and the company sold 5 million more shares than it planned.
Mead Johnson makes the infant and toddler formulas Enfamil and Enfagrow.
Bristol-Myers will retain at least an 80-percent equity stake in Mead Johnson “for the foreseeable future,” according to today’s filing with the Securities and Exchange Commission.
Mead Johnson reported a profit of $347.5 million on revenue of $2.17 billion during the first nine months of 2008.
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