Mead Johnson Nutrition, a leading provider of infant formula and other pediatric nutrition products, sold 30 million shares at $24 each, raising a larger than expected $720 million in gross proceeds making it the largest new issue since US water utility American Water Works (AWK) went public nearly 10 months ago. Mead Johnson originally planned to sell 25 million shares at a price range of $21 to $24, but upped its offering size in response to strong institutional demand. Citi and Morgan Stanley acted as joint bookrunners on the deal, which is expected to open for trading Wednesday morning under the symbol "MJN" on the NYSE. A spinoff of drug giant Bristol-Myers Squibb (NYSE: BMY), Mead Johnson Nutrition became the first company to complete an IPO since online university Grand Canyon Education (LOPE) went public in November 2008.
