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IPO Plans: Petco Aims for $816M and Poshmark Seeks $257M

IPOs are on tap: Petco’s would put its market valuation at as much as $4.4 billion and Poshmark’s at $2.9 billion.
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Petco Health & Wellness and Poshmark filed financial details of their planned initial public offerings with the Securities and Exchange Commission on Wednesday.

The San Diego pet-supply retailer seeks to rake in as much as $816 million from its IPO, while Poshmark, the Redwood City, Calif., Internet fashion marketplace, is looking for as much as $257.4 million. 

Petco intends to sell 48 million shares at $14 to $17, and Poshmark expects to sell 6.6 million shares at $35 to $39.

The high end of estimates would put Petco’s market valuation at $4.4 billion and Poshmark’s at $2.9 billion.

Both plan to list on Nasdaq, Petco under the ticker symbol WOOF and Poshmark under POSH.

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Petco says the pet-care market has grown at a 5% compounded annual rate since 2008.

It expected the number of households with pets would grow 4% in 2020, which could create as much as $4 billion in new demand for pet-care products.

For the nine months through Oct. 31, Petco posted a net loss of $20.3 million, narrowed from a loss of $88.7 million in the year-earlier period. Revenue reached $3.59 billion from $3.29 billion a year earlier.

As for other companies planning IPOs, Affirm Holdings, the San Francisco installment lender for online purchases, filed Tuesday for an offering to bring in up to $935 million.