Defunct Petopia.com Withdraws $100M IPO
Petopia.com Inc., a San Francisco retailer of pet supplies whose assets were recently bought by PETCO Animal Supplies Inc., shelved plans on Friday for a $100 million initial public offering.The online retailer said in a filing to the Securities and Exchange Commission that it had sold most of its assets and was no longer conducting business under its own name. This also voids a Nasdaq listing under the PTOP symbol.
Petopia, which began in July 1999, intended to use the proceeds of the IPO to repay a $2 million debt and for marketing expansion, brand-building pushes and other corporate purposes.
CIBC World Markets, SG Cowen and Wit Soundview were handling the planned IPO.
