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The Petco website on a laptop computer deployed in Hastings-on-Hudson, New York, USA, on Monday, January 4, 2021 A booming market for US IPOs shows no signs of slowing down in 2021. Petco has filed for an IPO offering and will trade on the Nasdaq under the ticker WOOF.
Tiffany Hagler-Geard / Bloomberg
Petco’s IPO exceeded expectations, raising $ 864 million late Wednesday.
The pet health and wellness provider sold 48 million shares for $ 18 each, above the $ 14 to $ 17 price range, two people familiar with the situation said. Petco will trade on the Nasdaq on Thursday under the symbol WOOF.
Goldman Sachs
and BofA Securities are insurers of the deal.
Petco, which no longer calls itself a retailer, operates approximately 1,470 pet care centers that sell food, toys and supplies, while offering professional services such as animal grooming, veterinary care and pet training. The company is highly indebted and has approximately $ 3.24 billion in debt. CVC Capital Partners and the Canadian Pension Plan Investment Board will own nearly 67% of the company after the IPO.
The IPO is the third time that Petco has entered the public stock markets. The San Diego, California-based company first went public in 1994. It went private in 2000 when TPG and Leonard Green acquired Petco in a $ 600 million deal. Petco went public for the second time in 2002.
Poshmark
is also scheduled to price its offering later Wednesday. The online marketplace provider offers 6.6 million shares for $ 35 to $ 39 each.
Morgan Stanley,
Goldman Sachs and
Barclays
are insurers of the deal.
Write to Luisa Beltran at [email protected]