Elanco Animal Health Inc. (NYSE: ELAN) made a strong entrance to the market on Thursday. Shares went out at $32.25, well above the high end of the expected price range of $20 to $23. The company offered 62.9 million shares, with an overallotment option for an additional 9.435 million shares.

It’s worth pointing out that Eli Lilly and Co. (NYSE: LLY) is the company spinning off Elanco. The underwriters for the offering are Goldman Sachs, JPMorgan, Morgan Stanley, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Evercore ISI and Cowen.

This company was founded in 1954 as part of Eli Lilly. Elanco is a premier animal health company that innovates, develops, manufactures and markets products for companion and food animals. It is the fourth largest animal health company in the world, with revenue of $2.9 billion for the year ended December 2017.

Globally, Elanco is number one in medicinal feed additives, number two in poultry and number three in cattle, measured by 2017 revenue, according to Vetnosis. It also has one of the broadest portfolios of pet parasiticides in the companion animal sector. The company offers a diverse portfolio of more than 125 brands that make it a trusted partner to veterinarians and food animal producers in more than 90 countries.

In the filing, the company further described its finances as follows:

For the six months ended June 30, 2018 and 2017, our revenue was $1.5 billion and $1.4 billion, respectively, and for each of the years ended December 31, 2017, 2016 and 2015, our revenue was $2.9 billion. For the six months ended June 30, 2018 and 2017, our net income (loss) was $9.9 million and $(128.5) million, respectively, our adjusted EBITDA was $306.2 million and $278.4 million, respectively, and our adjusted net income was $219.0 million and $156.4 million, respectively. For the years ended December 31, 2017, 2016 and 2015, our net income (loss) was $(310.7) million, $(47.9) million and $(210.8) million, respectively, our adjusted EBITDA was $498.9 million, $540.4 million and $393.7 million, respectively, and our adjusted net income was $250.5 million, $332.6 million and $208.7 million, respectively.

The company intends to use the net proceeds from the offering to pay Eli Lilly as consideration for the animal health business. Any remainder would be put toward working capital and general corporate purposes.

Shares of Elanco were last seen up about 41% at $33.78, with a range of $32.05 to $33.74 on the day thus far.

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