Petco Health and Wellness Company, Inc. (Petco), a complete partner in pet health and wellness, has announced the pricing of its initial public offering of 48 million shares of Class A common stock at a price to the public of US$18 per share. In addition, Petco has granted the underwriters a 30-day option to purchase up to an additional 7.2 million shares of its Class A common stock at the public offering price, less underwriting discounts and commissions.
The Class A common stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "WOOF" on January 14, 2021, and the offering is expected to close on January 19, 2021, subject to the satisfaction of customary closing conditions. Petco expects to receive net proceeds of approximately US$816.5 million, after deducting underwriting discounts and commissions and excluding any exercise of the underwriters' option to purchase additional shares.
Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by New York partner Michael Benjamin and Bay Area partners Brian Paulson and Tad Freese, with associates Tyler Vivian, Ian Lachow, and Jamie Conn. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim and Chicago partner Rene de Vera, with associate Michael Zucker; on benefits and compensation matters by New York associate Alisa Hand; on regulatory matters by Bay Area counsels Betty Pang and Heather Deixler, with associate Eitan Bernstein; and on IP matters by New York partner Jeffrey Tochner, with associate Caroline Herald.