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Banking Petco, backed by Fort Worth's TPG, files for IPO of pet-goods chain

Petco, backed by Fort Worth’s TPG, files for IPO of pet-goods chain

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NEW YORK — Petco Holdings Inc., which sells supplies, food and services for animals, filed for an initial public offering in the United States.

The IPO may raise about $800 million, people familiar with the matter said last month. The retailer, backed by TPG, Leonard Green & Partners and Abu Dhabi Investment Authority, won’t receive any proceeds of the shares sold by current stockholders, according to the filing.

Petco plans to go public after Blue Buffalo Pet Products Inc., which makes high-end food for cats and dogs, raised $778 million in an increased IPO last month, including an overallotment. As of 10:08 a.m. in New York, the shares had surged 31 percent since the IPO late last month.

Petco, with almost $4 billion in net sales last year derived from more than 1,400 stores, will be going public for the third time since 1994. TPG and Leonard Green first bought the company in 2000 for $600 million and took it public in 2002. Petco started in 1965 as a mail-order company for veterinary supplies. In 1994 it went public for the first time, listed on the Nasdaq Stock Market.

Petco, based in San Diego, was taken private in a $1.8 billion leveraged buyout nine years ago. As of Aug. 1, Petco had about $2.32 billion in debt.

Goldman Sachs Group Inc., Bank of America Corp. and JPMorgan Chase & Co. are managing the offering.

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