In response to the IPO, Petco Health and Wellness began trading its stock under the ticker “WOOF “on the Nasdaq. Petco’s IPO was viewed as a success by investors as investors showed confidence in the pet goods and services industry’s promises, which soared during the Covid-19 pandemic.
In its initial public offering on Wednesday, Petco valued its 48 million shares at $18 to raise $816.5 million, more significant than its anticipated price range of $14 to $17. Petco began trading on Thursday at $26, up 44% from its launch price and closed the day at $31.08. Petco shares are valued at $6.4 billion as of the close of trading, representing a 63.3% rise to $29.40 per share. During Petco’s initial public offering, Goldman Sachs and Bank of America were the top underwriters.
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It is Petco’s third experience of going public, having previously gone public in 1994 and 2002. It is well-timed that Petco completes its initial public offering. In October, LendingTree survey results show that on average, 1 in 3 American pet owners increased their expenditures on their pets due to the Covid-19 outbreak.
In 2020, the number of animals adopted by animal shelters had grown by 15% as measured by the Shelter Animal Count Database, which covers 500 animal shelters. Following the American Pet Products Association, Americans spent a record $99 billion on pet treats, medications, and pet care last year.
Ron Coughlin, Petco’s CEO, expressed confidence that the company holds an advantage over its competitors. In the past 18 months, Petco has grown its veterinary operations from 15 to 105 clinics, owning 1,470 pet supply stores. Besides, most clinics are in the same building with pet stores, so pet owners are compelled to buy supplies and food while in the clinic.
According to Coughlin, the company has invested heavily in digital capabilities, such as online shopping, same-day delivery, and online shopping pickup. More than 30% of Petco’s online orders are shipped the same day, and its physical stores are used as warehouses for essential goods.