Petco goes public again as spending on dogs and cats soars

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

Petco’s stock, which opened at USD18 on Thursday, soared 63 per cent to close at USD29.40, valuing the company at more than USD6 billion. It raised USD864 million after selling 48 million shares in its initial public offering. The company plans to use that money to pay off debt.

It’s the third time Petco has gone public since it was founded in 1965 as a mail-order veterinary supplies business. Both times Petco was bought and taken private, most recently in 2006.