On Thursday, for the third time in company history, Petco launched an initial public offering. The IPO raised $817 million, and Petco's shares rose 56%. The pet supplies retailer is riding the wave of pet adoptions in the wake of the pandemic, a wave that experts say is unlikely to subside any time soon. Even when the global health crisis is contained, shoppers will still have the pets they acquired during the pandemic. They will be just in need as ever of the products and services Petco offers. And Petco is ready to deliver.
"We are the only retailer that offers all the pet parents' needs in one place," Petco CEO Ron Coughlin told CNN Business.