Petco beats IPO share price

Pet retailer Petco Health and Wellness Company Inc. said on Wednesday it sold shares in its initial public offering at $18 apiece, above its target range, to raise about $864 million.

Petco, which is owned by the CPP Investments and private equity firm CVC Capital Partners, had aimed to sell 48 million shares at a target range of $14 to $17 per share.

Founded in 1965 as a mail-order veterinary supplies business, Petco first went public in 1994. In 2000, the PE firms TPG and Leonard Green & Partners acquired Petco, taking it private in a $600 million deal. Petco went public for a second time in 2002. Four years later, in 2006, TPG and Green bought Petco for a second time, again taking it private in a $1.7 billion deal. In early 2016, TPG and Green sold Petco to CVC and CPPIB for $4.6 billion.

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