Months after it raised $316.3 million in its initial public offering, Pet Valu Holdings Ltd. (TSX: PET) announced on Tuesday that it has entered into an agreement to complete a secondary offering on a bought deal basis. The offering is reported to be for aggregate proceeds of $226 million.
The proposed offering will consist of 7 million common shares held by selling shareholders sold at $32.25 per share. The proceeds will go directly to the selling shareholders and the company will not receive any gains.
The agreement was made with a syndicate of underwriters led by RBC Capital Markets, Barclays, and CIBC Capital Markets, who also managed the firm’s IPO.
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Upon the completion of the offering, the selling shareholders will collectively own 43,796,449 common shares representing 62.6% equity. At the time the IPO closed in June 2021, the selling shareholders had a 72.6% interest in the firm.
The offering is expected to close on September 28, 2021, subject to customary closing conditions.
Pet Valu Holdings last traded at $33.50 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
