• 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.

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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.

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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.