New Ruipeng Pet Group, which operates a network of over 1,900 pet hospitals in China, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
New Ruipeng states that it is the largest one-stop pet care platform in China by number of hospitals and revenue from pet care services in 2021, with an approximate 30% share of the pet care market in first-tier cities. The company provides pet care services, supply chain services, and local services, and has expanded into other segments including third-party diagnosis services, continued veterinary education, and marketing-as-a-service. As of September 30, 2022, its network consisted of 1,942 pet hospitals across 114 cities in China.
The Shenzhen, China-based company was founded in 1998 and booked $841 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol RPET. New Ruipeng Pet Group filed confidentially on June 17, 2021. Morgan Stanley, Credit Suisse, CICC, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
