(Reuters) - Shares of Phibro Animal Health Corp (PAHC.O), backed by British private equity company 3i, rose as much as 10 percent in their market debut, valuing the company at nearly $624 million.
The animal health product maker’s IPO raised about $176.5 million from the offering of 11.8 million class A shares, which were priced at $15 per share, slightly below the expected range of $16-$18 per share.
The Teaneck, New Jersey-based company sold 7.3 million shares, while the rest was offered by selling stockholder Mayflower, which is managed by 3i.
Phibro shares opened at $16.50 on the Nasdaq on Friday.
Merrill Lynch, Pierce, Fenner & Smith and Morgan Stanley were the lead underwriters to the offering.
Shares of casual dining chain Zoe’s Kitchen Inc (ZOES.N), which also debuted on Friday, rose as much as 73 percent in their market debut.
Reporting By Neha Dimri in Bangalore; Editing by Prateek Chatterjee