Elanco Animal Health Inc. has raised $1.5 billion in its initial public offering, pricing its shares above the expected $1.45 billion marketed price range.

Going into the offering, the shares for the company were set at a price of $20-23 each, but Elanco sold 62.9 million shares for $24 apiece.

The deal is being viewed as another test of investor appetite for large, stand-alone animal health businesses. Pharmaceutical giant Zoetis was the first such test, and that has resulted in a tripling of stock price and a current price-to-earnings ratio that is now 60% more than its former parent. One significant difference between the two animal health companies, however, is their portfolio of vaccines. Zoetis has a much higher percentage of vaccine-related offerings than Elanco does, which gives it the advantage of higher product margins and less opposition from the clean food movement.

The global market for animal medicine is estimated to be worth about $33 billion and is expected to grow by 4-6% a year, according to research by analysts at Cowen Inc.

Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanely led the Elanco offering. The company’s shares were expected to begin trading Sept. 20 on the New York Stock Exchange under the symbol “ELAN.”