Pet Shop Chain, Petz, Expected to Raise Up to $611 Million in IPO

According to media reports, the Brazilian pet shop chain, Petz, has planned an initial public offering (IPO) of shares to raise up to 3.4 billion reais ($611.79 million).

Petz, which is controlled by private equity firm Warburg Pincus, set a price range between 12.25 reais and 15.35 reais per share, and the final price will be set on Sept. 9.

Currently with 110 stores, Petz officials said it will use the proceeds to open new stores and veterinary hospitals.