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.