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The Petco website on a laptop set in Hastings-on-Hudson, New York, USA, on Monday, January 4, 2021 A booming market for initial U.S. public offerings shows no signs of slowing down in 2021. Petco requested an initial audience offering and will operate on the Nasdaq with the WOOF ticker.
Tiffany Hagler-Geard / Bloomberg
Petco’s IPO exceeded expectations, reaching $ 864 million on Wednesday afternoon.
The pet health and welfare provider sold 48 million shares at $ 18 each, above its price range of $ 14 to $ 17, according to two people familiar with the situation. Petco is scheduled to change on the Nasdaq with the WOOF symbol on Thursday.
Goldman Sachs
and BofA Securities are subscribers to the agreement.
Petco, which no longer calls itself a retailer, operates around 1,470 pet care centers that sell food, toys and supplies, while offering professional services such as pet cleaning, veterinary care and pet training. The company is heavily leveraged and has about $ 3.242 billion in debt. CVC Capital Partners and the Canadian Investment Plan Investment Board will own nearly 67% of the company after the IPO.
The IPO is the third time that Petco will take advantage of 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 on a $ 600 million deal. Petco went public for the second time in 2002.
Poshmark
it is also expected to set the price of its offer later Wednesday. The online marketplace provider offers 6.6 million shares between $ 35 and $ 39 each.
Morgan Stanley,
Goldman Sachs i
Barclays
they are subscribers to the agreement.
Write to Luisa Beltran to [email protected]