Petco Health and Wellness, a multi-channel pet care retailer with about 1,500 locations across North America, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $800 million.
Petco operates a multi-channel platform that integrates a digital presence with its physical network, providing a hub for pet owners to manage their pets' health, wellness, and merchandise needs. Through its connected platform, Petco offers customers the convenience of ship-from-store; buy-online, pick-up in-store; and curbside pick-up.
The San Diego, CA-based company was founded in 1965 and booked $4.7 billion in sales for the 12 months ended November 1, 2020. It plans to list on the Nasdaq under the symbol WOOF. Petco Health and Wellness filed confidentially on October 2, 2020. Goldman Sachs, BofA Securities, Citi, Evercore ISI, Credit Suisse, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
