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Petco goes public again as spending on dogs and cats soars

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NEW YORK – Petco, the pet store chain, went public again Thursday, hoping to cash in on people's obsessions with their furry pets.

Petco’s stock, which opened at $18 Thursday, soared 60% to $29.26 in afternoon trading, valuing the company at more than $6 billion.

It raised $864 million, after selling 48 million shares in its initial public offering. The company plans to use that money to pay off debt.It's the third time Petco has gone public since it was founded in 1965 as a mail-order veterinary supplies business.

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