Petco goes public again as spending on dogs and cats soars – AP News

Written by Joseph Pisani

NEW YORK (AP) — Petco, the pet store chain, went public again Thursday, hoping to cash in on people’s obsessions with their furry pets.

Petco’s stock, which opened at $18 Thursday, soared 63% to close at $29.40, valuing the company at more than $6 billion. It raised $864 million after selling 48 million shares in its initial public offering. The company plans to use that money to pay off debt.

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By Valerie Lam
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