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Petco’s website on laptop set up in Hastings-on-Hudson, New York, United States on Monday, January 4, 2021 A booming market for initial public offerings in the United States shows no signs of slowing down in 2021 Petco has filed an initial public application and will trade on the Nasdaq under the ticker symbol WOOF.
Tiffany Hagler-Geard / Bloomberg
Petco’s IPO exceeded expectations, raising $ 864 million on Wednesday night.
The pet health and wellness provider sold 48 million shares at $ 18 each, above its price range of $ 14 to $ 17, two people familiar with the situation said. Petco is expected to trade Thursday on the Nasdaq under the symbol WOOF.
Goldman Sachs
and BofA Securities are the underwriters of the transaction.
No longer known as a retailer Petco operates approximately 1,470 pet care centers that sell food, toys and supplies, while also offering professional services such as pet grooming, pet grooming, veterinarians and pet training. The company is heavily in debt 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 marks the third time Petco has operated on the public stock markets. The San Diego, Calif., Company first went public in 1994. It went private in 2000 when TPG and Leonard Green acquired Petco in a $ 600 million transaction. Petco went public for the second time in 2002.
Poshmark
is also expected to price its offer later Wednesday. The online marketplace provider offers 6.6 million shares of $ 35 to $ 39 each.
Morgan stanley,
Goldman Sachs and
Barclays
are underwriters on the transaction.
Write to Luisa Beltran at [email protected]
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