Business

Brazilian pet retailer Petz raises $570 million in an IPO

Despite the coronavirus crisis, Petz's sales increased 36.6% with the opening of new stores and the increase in online sales

Petz retailer in Brazil. Photo: screenshot/ Google Maps
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  • Petz plans to use the initial offering’s resources to open new stores and veterinary hospitals;
  • Petz’s sales increased 36.6% in the first half compared to the same stage of 2019.

Brazilian pet store retail chain Petz, controlled by U.S. private equity firm Warburg Pincus, raised on Wednesday BRL 3.03 billion ($570.71 million) in an initial public offering, according to a securities filing.

The company priced its shares at BRL 13.75 in the offering. The price range for the IPO was between BRL 12.25 and BRL 15.25. Petz plans to use the proceeds to open new stores and veterinary hospitals. Currently it has 110 stores.

READ ALSO: Brazilian e-commerce pet store Zee.Dog raises BRL 100 million from TreeCorp fund

Investment banking units of Itau Unibanco Holding SA, Banco Santander Brasil SA, Bank of America, JPMorgan Chase & Co and Banco BTG Pactual SA managed the offering.

READ ALSO: Brazilian pet products retailer PetLove raises $23 million from L.Catterton; it’s the second infusion in two months

Despite the coronavirus crisis, Petz’s sales increased 36.6% in the first half compared to the same period in 2019, to BRL 731.6 million, with the opening of new stores and the increase in online sales.

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