Petco raised $864 million in an initial public offering, selling 48 million shares for $18 each. The company had marketed sales for $14 to $17 a share.
“People are at home, they’re a little depressed and they want a bundle of joy in their life,” said CEO Ron Coughlin on CNBC. “So we’re going to help feed those pets, we’re going to help train those pets, groom those pets and vaccinate those pets. I think it’s actually good for America and our souls and it’s good for Petco.”