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Petco website on a laptop computer arranged in Hastings-on-Hudson, New York, USA, Monday, January 4, 2021 A booming market for initial US public offerings shows no signs of slowing down in 2021. Petco has filed the application for an initial audience offering and trading on the Nasdaq under the WOOF checkbox.
Tiffany Hagler-Geard / Bloomberg
Petco’s IPO exceeded expectations, raising $ 864 million on Wednesday.
The pet health and wellness provider sold 48 million shares at $ 18 each, over the $ 14 to $ 17 price range, two people familiar with the situation said. Petco is scheduled to trade on the Nasdaq on Thursday under the symbol WOOF.
Goldman Sachs
and BofA Securities are subscribers to the transaction.
Petco, no longer called a retailer, operates approximately 1,470 animal care centers that sell food, toys and supplies, while providing professional services such as animal care, veterinary care and pet training. The company is heavily leveraged and has debts of about $ 3.24 billion. CVC Capital Partners and the Canadian Pension Investment Board will own nearly 67% of the company after the IPO.
The IPO is the third time Petco has hit public capital 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
it is also scheduled to price its bid later Wednesday. The online marketplace offers 6.6 million shares, from 35 to 39 USD each.
Morgan Stanley,
Goldman Sachs and
Barclays
are subscribers to the transaction.
Write to Luisa Beltran at [email protected]