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The Petco website on a laptop set up Monday, January 4, 2021 in Hastings-on-Hudson, New York, USA. A booming market for US initial public offerings shows no sign of slowing down in 2021. Petco has filed an initial public hearing. offers and will trade on the Nasdaq under the ticker WOOF.
Tiffany Hagler-Geard / Bloomberg
Petco’s wallet exceeded expectations and raised $ 864 million late Wednesday.
Two people familiar with the situation sold the pet health and wellness provider at $ 18 each, above the price range of $ 14 to $ 17. Petco will trade on the Nasdaq on Thursday under the symbol WOOF.
Goldman Sachs
and BofA Securities are underwriters of the agreement.
Petco, which no longer calls itself a retailer, has about 1,470 pet care centers that sell food, toys and supplies while offering professional services such as animal care, veterinary and pet care. The company is heavily leveraged and has approximately $ 3.24 billion in debt. CVC Capital Partners and the Canadian Board Plan Investment Board will own almost 67% of the company after the IPO.
The exchange is the third time that Petco has utilized the public stock markets. The company San Diego, California, first appeared in 1994. It became private in 2000 when TPG and Leonard Green acquired Petco in a $ 600 million deal. Petco saw the light of day for the second time in 2002.
Poshmark
is also planning to price its offer later Wednesday. The online marketplace offers 6.6 million shares at $ 35 to $ 39 each.
Morgan Stanley,
Goldman Sachs en
Barclays
are underwriters on the transaction.
Write to Luisa Beltran by [email protected]