Pet retail chain Petco Health and Wellness Co. and online fashion marketplace Poshmark Inc. set terms for their U.S. initial public offerings Wednesday, joining a rush of companies expected to tap public markets early in 2021.
Petco is aiming to raise as much as US$816 million in its listing, while Poshmark is seeking as much as US$257.4 million, according to separate filings Wednesday with the U.S. Securities and Exchange Commission.
The two consumer brands join Affirm Holdings Inc. in tapping the IPO market, in what is expected to be a busy month and quarter for these transactions. Installment loan provider Affirm filed on Tuesday to raise US$935 million in a listing.
Poshmark will offer 6.6 million shares at US$35 to US$39 apiece. Its share sale is being led by Morgan Stanley, Goldman Sachs Group Inc. and Barclays Plc. The company plans to list its shares on the Nasdaq Global Select Market under the symbol POSH.
At the top end of the price range, the IPO could give Poshmark a fully diluted valuation of about US$3.3 billion, and a market value of almost US$2.9 billion.
Petco plans to offer 48 million shares at US$14 to US$17 each. Goldman Sachs and Bank of America Corp. are leading the IPO, which could give Petco a market valuation of US$4.4 billion at the top end of the range. It aims to list on Nasdaq under the symbol WOOF.
Private equity firms CVC and CPP Investments will have about 81 per cent of the voting rights to Petco after its IPO, the filing shows.