SAN DIEGO — Petco, the Health + Wellness Co., announced Nov. 5 it aspires to go public after having submitted a registration statement for a proposed public offering of common stock. The retailer provided a registration statement Form S-1 to the US Securities and Exchange Commission (SEC) for review.
The number of shares and price range for Petco’s initial public offering (IPO) have not yet been determined.
Petco has recently taken several firm stances to differentiate itself in the pet retail space. Most recently, the company rebranded to become “the Health + Wellness Co.” and further establish itself as an authority on pet wellness and nutrition.
The retailer continues to expand its service offerings and pet owner resources, as well as restricting the sale of certain products that do not meet its nutrition or welfare standards. For example, Petco banned pet food products containing artificial ingredients at all stores in May 2019. It also banned the sale of shock collars at all stores in October 2020.
The company launched Vital Care earlier in October, a paid annual plan to help pet owners facilitate pet care plans and appointments through a single platform, promoting convenience and affordability. It also partnered with The Dodo, a global media company, in August 2020 to launch a pet-focused media segment, DodoWell, to provide resources, wellness tips and product recommendations to pet owners.
As brick-and-mortar retail outlets face difficult challenges amid the COVID-19 pandemic and the rise in e-commerce, Petco’s submission for an IPO is the latest indication that the US pet specialty retail channel is still fighting for its share.
Check back for updates on the status of Petco’s IPO request.
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