Petco Announces Closing of Initial Public Offering
Petco has successfully closed its initial public offering (IPO) of 55.2 million shares of Class A common stock, including 7.2 million shares from underwriters’ extra option. The IPO price was $18.00 per share, and Petco received approximately $939 million in net proceeds, following underwriting discounts. The stock trades on the Nasdaq under the symbol WOOF.
Goldman Sachs & Co. and BofA Securities served as joint lead book runners for the offering, which was effective as of January 13, 2021.
- Net proceeds from the IPO amounted to approximately $939 million, enhancing financial liquidity.
- The offering included the full exercise of underwriters' option, indicating strong demand.
- The issuance of new shares may lead to shareholder dilution.
SAN DIEGO, Jan. 19, 2021 /PRNewswire/ -- Petco Health and Wellness Company, Inc. ("Petco"), a complete partner in pet health and wellness, today announced the closing of its initial public offering of 55,200,000 shares of Class A common stock, including the full exercise by the underwriters of their option to purchase 7,200,000 additional shares of Class A common stock, at a price to the public of
Goldman Sachs & Co. LLC and BofA Securities acted as joint lead book runners for the offering. Citigroup, Evercore ISI, Credit Suisse, UBS Investment Bank and Wells Fargo Securities acted as joint book runners, and Baird, Guggenheim Securities, AmeriVet Securities, C.L. King & Associates, R. Seelaus & Co., LLC, Ramirez & Co., Inc. and Siebert Williams Shank acted as co-managers for the offering.
A registration statement relating to the shares being sold in this offering was declared effective by the U.S. Securities and Exchange Commission on January 13, 2021. The offering was made only by means of a prospectus, copies of which may be obtained from: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by email at prospectus-ny@ny.email.gs.com, or by telephone at (866) 471-2526; or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, attention: Prospectus Department, or via email: dg.prospectus_requests@bofa.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Petco, The Health + Wellness Co.
Petco is a category-defining health and wellness company focused on improving the lives of pets, pet parents and our own Petco partners. Since our founding in 1965, we've been trailblazing new standards in pet care, delivering comprehensive wellness solutions through our products and services, and creating communities that deepen the pet-pet parent bond. We operate more than 1,500 pet care centers across the U.S., Mexico and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete resource for pet health and wellness online and through the Petco app. In tandem with The Petco Foundation, an independent nonprofit organization, through in-store adoption events, we have helped find homes for more than 6.5 million animals.
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SOURCE Petco Health and Wellness Company, Inc.
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