Business

Petco IPO exceeded expectations, raising $ 864 million

Petco website on a laptop computer located in Hastings-on-Hudson, NY, USA, Monday, January 4, 2021 The rapid growth of the initial public offering in the United States shows no signs of slowing down in 2021. Petco has applied for an initial public offering. Offers and traded on Nasdaq under the ticker WOOF.

Tiffany Hagler-Geard / Bloomberg

Petco’s IPO was better than expected, raising $ 864 million at the end of Wednesday.

Pet health and wellness providers sold 48 million shares for $ 18 per share, well above the $ 14 to $ 17 price range, the two people familiar with the situation said. Petco will be traded on Thursday in Nasdaq under the WOOF symbol. Goldman Sachs and BofA Securities are the underwriters of this transaction.

No longer a retailer, Petco operates approximately 1,470 pet care centers selling food, toys and consumables, providing professional services such as animal grooming, veterinary care and pet training. I have. The company is highly leveraged and has a debt of approximately $ 3.24 billion. CVC Capital Partners and the Canadian Pension Plan Investment Board will own nearly 67% of the company after the IPO.

The IPO is Petco’s third use of the public equity market. The company in San Diego, California was first published in 1994. It went private in 2000 when TPG and Leonard Green acquired Petco in a $ 600 million deal. Petco made its second public release in 2002.

Poshmark will also price its product later on Wednesday. Online marketplace providers offer 6.6 million shares for $ 35 to $ 39 each.Morgan Stanley,
Goldman Sachs and Barclays
The underwriter of the contract.

Write to Luisa Beltran (luisa.beltran@dowjones.com)

Petco IPO exceeded expectations, raising $ 864 million

Source link Petco IPO exceeded expectations, raising $ 864 million

Back to top button