Summary
- Petco has filed to raise $744 million in an IPO.
- The firm sells pet products and services via its retail store network and online offerings.
- WOOF has grown only moderately, has lots of debt typical of private equity ownership and faces continued growth headwinds, so I'll watch the IPO from the sidelines.
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Quick Take
Petco (WOOF) has filed to raise $744 million from the sale of its Class A stock in an IPO, according to an amended registration statement.
The company sells pet products and provides related services via its retail store network and online offerings.
WOOF is a slow growing company, has significant debt which is typical of private equity owned firms, and may continue to have growth headwinds into the future as the pandemic slowly wanes and retail users stay away from stores.
I'll watch the IPO from the sidelines.
Company & Business
San Diego, California-based Petco was founded in 1965 as a specialty retailer to offer products and services to pet owners to improve the quality of life for their pets.
The firm has since expanded into providing online access via its website and mobile application.
Management is headed by Chief Executive Officer Ron Coughlin, who has been with the firm since 2018 and was previously president of HP's Personal Systems business line
