SAN DIEGO — Petco Health and Wellness Company, Inc., closed its initial public offering (IPO) on the Nasdaq Global Select Market on Jan. 19, raking in $939 million in net proceeds after deducting commissions and underwriting discounts.
The pet industry retailer said on Jan. 13 it hoped to collect $816.5 million over the five-day IPO trading period that began on Jan. 14. With 55.2 million shares of Class A common stock and the additional purchase of 7.2 million shares by underwriters, both at $18 per share, Petco’s IPO brought in $122.5 million more than expected.
Petco is now being traded on the NASDAQ under the ticker symbol “WOOF.” The company opened shares on Jan. 14 at $26 per share, 44% above its initial price of $18 per share. Price per share reached as high as $30.13 on that same day, but closed at $27.24 on Jan. 21.
The company first announced plans to go public in November 2020.
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