Petco Prices Share Offering
Stockholders will sell 9 million shares at $19.65 each.
Animal supplies company
Petco
(PETC)
said that it priced a public offering of 9 million shares at $19.65, the stock's closing price on Thursday.
The company, which
announced an increase in first-quarter earnings on Wednesday, said the shares will be offered by selling stockholders. Some stockholders have granted the underwriters an option to buy 1.35 million more shares to cover over-allotments, if any, Petco said.
The company won't receive any proceeds from the sale.
Goldman Sachs and Morgan Stanley will act as joint book-running managers of the offering, the company said. Shares of Petco were up about 5% in Friday afternoon trading to $20.65.
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