Shares Of Petco And Poshmark Soar On Market Debut

16 Janvier, 2021, 22:25 | Auteur: Auguste Feret
  • Petco valued at over $5B after Nasdaq debut

The initial public offering was comprised of 48 million shares priced at $18 apiece, with Petco expected to pocket $816.5 million in proceeds after fees and other costs. More interestingly, a Nasdaq-debut of the Californian pet retailer came forth just three months after the company owner, Canada Pension Plan Investment Board alongside CVC Capital Partners, had been mulling a potential sell-off of the company for $6 billion, however, as a slew of companies seemed to be racing to jump on the bandwagon of the strongest US IPO market in almost five years, the San Diego-based pet retailer having had 1,470 brick-and-mortar pet care centres across the United States, looked to cash in on a US IPO boom following a lacklustre 2020.

PET Acquisition, the owner of the Petco retail chain, exceeded its marketed range to raise US$864 million in its IPO on Wednesday. Pets, which were once banished to the backyard, are now sleeping in human beds as Americans increasingly treat their cats and dogs like family members. The company now has approximately 1,470 stores in the United States and Puerto Rico, including more than 100 in-store veterinary hospitals.

Pet ownership has boomed during the Covid-19 pandemic as Americans went on adopting sprees.

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To the latter point, the executive touted online and physical infrastructure improvements over the past year that have turned stores into micro-distribution centers. The company has a subscription-based model that automatically delivers pet supplies for owners, such as dog food or cat litter. It first went public in 1994 before going private in 2000. Under normal circumstances, the fund will invest at least 80% of its total assets in the component securities of the index. The index consists of U.S. and non-U.S. companies that potentially stand to benefit from interest in, and resources spent on, pet ownership.

PAWZ is proving to investors that the pet care thesis has mettle in a trying market environment. The pandemic, which has increased demand for new pets, has also helped to improve the business, he wrote.

PAWZ includes sectors such as veterinary pharmaceuticals, diagnostics, services, and product distributors; pet and pet supply stores, and pet food and supply manufacturing.


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