Pet care retailer Petco shares surge 63% in first day of trading – CNBC
Shares of Petco Health and Wellness shot upby 63% in their first day of trading on the Nasdaq, reflecting Wall Street’s appetite for investing in the industry during the Covid pandemic-fueled pet boom.
Shares closed Thursday at $29.40, putting the company’s market value at $6.4 billion. The stock had opened at $26, or 44% above its debut price.
On Wednesday night, the company had priced its initial public offering at $18 to raise about $816.5 million, higher than the $14 to $17 expected price target….