Jan 6 (Reuters) – Private equity-owned Petco Health and Wellness Company Incsaid on Monday it was aiming to raise as much as $816 million in it initialpublic offering (IPO), giving the U.S. pet retailer a valuation of nearly $4billion.
Petco plans to price its offering of 48 million shares, which will be listedon Nasdaq under the ticker ‘WOOF’, between $14 to $17 each, the company saidin a regulatory filing. https://bit.ly/3bfiYif
Founded in 1965, Petco operates more than 1,500 stores across the UnitedStates, Mexico and Puerto Rico and has more than 100 in-store veterinaryhospitals.
The company was acquired by CVC Capital Partners and Canada Pension PlanInvestment Board in 2016 for about $4.6 billion
Bloomberg reported in September that Petco was weighing an outright sale ofits business besides a traditional IPO at a $6 billion valuation.[https://bloom.bg/2XcxRd4 ]
The company had posted a net loss of $24,826 on net sales of about $3.58million in the 39 weeks ended Oct. 31, its filing showed.
Goldman Sachs & Co LLC and BofA Securities are the lead underwriters of theIPO. (Reporting by Sohini Podder in Bengaluru; Editing by Anil D’Silva)
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