Petco to offer 48 million shares in IPO, priced at $14 to $17 per share

/ / News

San Diego-based Petco Health and Wellness set the terms for its initial public offering on Wednesday, planning to offer 48 million shares of class A common stock priced at $14 to $17. Petco will list on the Nasdaq with the ticker “WOOF.” There are 13 banks underwriting the deal, led by Goldman Sachs & Co. and BofA Securities. Petco expects to generate $699.4 million of net proceeds from the offering based on a $15.50 per share pricing. The company will use the proceeds to pay the accrued interest on floating rate senior notes and to redeem the $300 million remaining aggregate principal. Founded in 1965, Chief Executive Ron Coughlin calls the company “a complete health and wellness company for pets” in a letter included in the company’s prospectus. The Renaissance IPO ETF has more than doubled over the past year, up 104.3% over the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.