Petco announces initial public stock offering at $18 a share

Business

SAN DIEGO (CNS) – San Diego-based Petco Health and Wellness Co. Inc. Wednesday announced the pricing of its initial public offering of 48 million shares of Class A common stock at $18 per share.

Petco has granted the underwriters a 30-day option to purchase up to an additional 7.2 million shares of its Class A common stock at the public offering price, minus underwriting discounts and commissions. The stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “WOOF” on Thursday, and the offering is expected to close next Tuesday, subject to closing conditions.

The company expects to receive net proceeds of about $816.5 million after deducting underwriting discounts and commissions and excluding any exercise of the underwriters’ option to purchase additional shares.

Petco, founded in 1965, operates more than 1,500 pet care centers across the U.S., Mexico and Puerto Rico, including a network of more than 100 in-store veterinary hospitals.

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