Poshmark Prices IPO Above Range at $42 a Share

Darnell Taylor
January 17, 2021

Shares of Petco closed at $29.40 U.S.in NY trading, giving the San Diego-based company a market value of $6.4 billion U.S. Petco sold 48 million shares for $18 U.S. each after marketing them for between $14 U.S.to $17 U.S.

Shares of Poshmark soared in their debut trading in the public markets Thursday, a testament to the strength of the online marketplace for second-hand goods even during a pandemic.

"It was overwhelming for all of us", Coughlin said.

Founded in 1965, Petco has experimented with various ownership structures - including two previous stretches as a publicly traded firm - over the past 55 years.

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The company, which has 70 million registered users across the United States and Canada, has attributed its turn to profitability to increased demand and lower marketing spend during the pandemic.

Founded in 1965, Petco is among the biggest pet retailers in the United States with almost 1,470 brick-and-mortar pet care centers across the country, according to a regulatory filing by the company. 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.

"One of the things that is really, really exciting is just what a competitive advantage, believe it or not, our (stores) can be", he said. 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. His total compensation package in fiscal 2019 was valued at $9.6 million.

Petco said it intends to sell 48 million shares and expects to receive net proceeds of approximately $816.5 million, after deducting underwriting discounts and commissions and excluding any exercise of the underwriters' option to purchase additional shares.

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