Petco Goes Public

The second largest pet supply retailer in the US - Petco once again went public in an attempt to raise funds. The company issued as much as 14.5 million shares of common stock to redeem shares of its preferred stock. With stocks being offered at $19 per share, as much as $275.5 million was raised.

The company which owns 560 stores in 41 states and the District of Columbia, was publicly traded until being taken private in October 2000 in a deal worth nearly $600 million. In 2001, Petco faced financial losses of as much as $32.4 million last year, while in the preceeding year i.e. 2000, it was $37.3 million.