Economy

Petco stocks and the surge in PAWZ ETFs

Petco stocks and the surge in PAWZ ETFs”

Shares of Petco rose in their market debut on Thursday, giving the pet retailer a market capitalization of $5.69 billion.

In point of fact, Petco shares had opened up the day at $26 apiece, roughly 44.4 per cent higher than its IPO pricing of $18 per share, however, had hit a session-high of $31.09 per share before wrapping up the day at $29 per share.

He said the company's new stock symbol - "WOOF" - was not a slight to cat owners.

To ring the opening bell at the Nasdaq stock market, where Petco started trading Thursday, Coughlin brought his 12-year-old Labrador retriever Yummy, who looked confused by all the clapping and falling confetti.

"It was overwhelming for all of us", Coughlin said. Both times Petco was bought and taken private, most recently in 2006.

More news: Biden lays out plan to get America vaccinated

Petco will continue to be controlled by its largest investors, including private equity firm CVC Capital Partners and Canada Pension Plan Investment Board.

In its prospectus, which is a detailed pitch to potential shareholders, Coughlin touted a company turnaround that has been defined by the late 2018 decision to end the sale of food with artificial ingredients, and accented by the recent removal of shock collars from shelves. The new service is called the Vital Care Wellness Program. The pandemic, which has increased demand for new pets, has also helped to improve the business, he wrote. Revenue rose 9% to $3.6 billion in the 39 weeks ending October 31, 2020, compared with the same period the year before. It reported a loss of $20 million in that period, down from a loss of $88 million the year before.

Priorities going forward include expanding the services business - veterinary care in particular - and doubling down on digital sales, Coughlin told the Union-Tribune. But Petco has been trying to snag more of that business by offering same-day shipping from its stores and curbside pickup at its parking lots. In the spring of this year, the CEO agreed to forgo his base salary for a 43-day period as the firm weighed the economic consequences of the pandemic.

Poshmark, the online marketplace for second-hand goods, raised US$277 million in a U.S. initial public offering (IPO), pricing the shares above a marketed range.



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