PetIQ Shares Soaring 32% In Company's Market Debut

By Caitlin Huston Markets MarketWatch Pulse

Shares of PetIQ Inc. were soaring 32% Friday after the company made its debut on the Nasdaq. PetIQ, which distributes pet medications, sold 6,250,000 million shares at $16 a share to raise $100 million. The company posted net sales of $200.2 million in 2016 on top of a loss of $3.4 million. However, in the three months ended in March of this year, the company swung to a profit, with net income of $4.3 million on sales of $67 million. It granted underwriters a 30-day option to sell an additional 937,500 shares. Jefferies and William Blair were the lead underwriters on the offering.

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