Word size
Petco’s website on a laptop computer was held on Monday, January 4, 2021 in Hastings-on-Hudson, New York, US. A booming market for America’s initial public offerings showed no signs of slowing in 2021. Petco filed an initial public offering and would trade on Nasdaq under the ticker WOOF.
Tiffany Hagler-Geard / Bloomberg
Petco’s IPO met the above expectations by raising $ 864 million late on Wednesday night.
The provider of pet health and welfare sold 48 million shares at $ 18 each, above its $ 14 to $ 17 price range, with two people familiar with the situation. Petco plans to trade on the Nasdaq under the symbol WOOF on Thursday.
Goldman Sachs
And BofA is an underwriter on the securities deal.
Petco, which no longer calls itself a retailer, operates about 1,470 pet-care centers, which sell food, toys and supplies, while providing professional services such as animal grooming, veterinary care and pet training. The company is highly profitable and has debt of approximately $ 3.24 billion. CVC Capital Partners and the Canadian Pension Plan Investment Board will own approximately 67% of the company after the IPO.
The IPO is the third time Petco will tap on the public equity markets. The San Diego, California, 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
Later on Wednesday, its offer price has also been set. The online marketplace provider is offering 6.6 million shares for $ 35 million to $ 39.
Morgan Stanley,
Goldman Sachs and
Barclays
Underwriting deal.
Write Louisa Beltran at [email protected]
.