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(Reuters) - Shares of Petco Health and Wellness Co Inc jumped as much as 72.7% in their market debut on Thursday, giving the U.S. pet supplies retailer a market capitalization of $6.81 billion.
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The company’s shares opened at $26, 44.4% above its initial public offering (IPO) price of $18 per share.
Petco offered 48 million shares and raised $864 million in its IPO as it cashed in on a pandemic-driven surge in pet adoptions and spending on pet care.
The debut comes at a time that could be the biggest week for new listings in over five years, as companies rush to take advantage of the strongest market for IPOs in nearly two decades, after a lull last year.
Sana Biotechnology is following the Moderna playbook to a tee: Promise a lot based on very early science, be vague, nab a major VC raise, then gun for an IPO.
On Wednesday night, the company priced its initial public offering at $18 to raise about $816.5 million, higher than the $14 to $17 expected price target.
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From left: American Express CEO Kenneth Chenault, Joshua Kushner, Richard LeFrak, Softbank CEO Masayoshi Son, Miki Naftali and Salesforce CEO Marc Benioff (Getty)
Compass investors could be in line for a windfall when the residential brokerage goes public later this year.
Since its launch in 2012, Compass has raised more than $1.5 billion from investors, who collectively hold a 60.25 percent stake in the startup, according to data from Pitchbook.
That group includes late-stage backers SoftBank Group, Wellington Management and Dragoneer. It also includes Joshua Kushner’s Thrive Capital, Salesforce CEO Marc Benioff and American Express CEO Kenneth Chenault, who invested in Compass’ early funding rounds, along with industry players Miki Naftali and LeFrak.