Petco to Offer 48 Million Shares in IPO

According to media reports, Petco set the terms for its initial public offering—48 million shares prices at $14 to $17. Petco is expected to list on the Nasdaq with the ticker “WOOF”. The company expects to generate $699.4 million of net proceeds from the offering based on $15.50 per share pricing.

Official reports mention the company will use the profit to pay the accrued interest on floating rate senior notes and redeem the $300 million remaining aggregate principal.