Pets.com today announced that it has completed an initial public offering of 7,500,000 shares of common stock at an offering price of $11 per share. The shares commenced trading today on Nasdaq under the symbol IPET.
Pets.com hails from rather humble beginnings, when in 1994, a savvy 31-year-old entrepreneur, Greg McLemore, registered this first-tier domain name. Not until 1998 did McLemore’s Web design firm, WebMagic, launch Pets.com, incorporating content, community, and commerce. . . . Pets.com was not McLemore’s or WebMagic’s first claim to fame. His Web design firm has been moving behind the scenes for quite some time, having the presence of mind early on to snap up other high-profile domains. In fact, it was Toys.com that first spelled success for McLemore.