(Reuters) – Pet retailer Petco Health and Wellness Company Inc said on Wednesday it sold shares in its initial public offering (IPO) at $18 apiece, above its target range, to raise about $816.5 million.
Petco, which is owned by the Canada Pension Plan Investment Board (CPP Investments) and private equity firm CVC Capital Partners, had aimed to sell 48 million shares at a target range of $14 to $17 per share.
The IPO, which values Petco at almost $4 billion, signals that investor appetite for new stocks remains robust following a stellar 2020, which was the strongest IPO market in two decades.
Earlier in the day, shares of online lender Affirm Holdings Inc doubled in their Nasdaq debut after selling shares in its IPO above the company’s target range.
The U.S. pet industry is seen by analysts as being more resistant to economic shocks than the broader economy and has benefited during the COVID-19 pandemic from an increase in pet adoption.
Rival online pet products retailer Chewy Inc has seen its stock rise more than 100% in the last six months. Barkbox, a provider of subscription boxes of dog treats, last month agreed to go public through a merger with Northern Star Acquisition Corp.
San Diego, California-based Petco operates about 1,470 stores across the United States and Puerto Rico and has more than 100 in-store veterinary hospitals.
Founded in 1965, Petco was acquired CPP Investments and CVC Capital Partners in 2015 for about $4.7 billion. Petco reported net sales of $3.6 billion and net loss of $20.3 million in the 39 weeks ended Oct. 31 last year.
Petco shares are due to begin trading on the Nasdaq on Thursday under the symbol “WOOF.”
Goldman Sachs, and BofA Securities are the lead underwriters for the IPO.
(Reporting by Joshua Franklin in Miami and Chibuike Oguh in New York. Additional reporting by Anirudh Saligrama in Bengaluru, Editing by Chris Reese, Aurora Ellis and Sherry Jacob-Phillips)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
