Blue Buffalo Pet Products Inc., which sold almost $1 billion worth of pet food last year, is readying an initial public offering.
Blue Buffalo filed for the IPO with a $500 million placeholder, a figure used to calculate fees that may change.
The offering will be conducted by selling stockholders and the company won’t get any proceeds. In addition to the Bishop family, the Invus Group LLC has a stake in Blue Buffalo. In conjunction with the IPO, Blue Buffalo will donate $2 million to the Blue Buffalo Foundation for Cancer Research, which is striving to find a cure for pet cancer.
Blue Buffalo has also dedicated 5 percent of the offering for non-management employees, customers and individual investors through Loyal3 Holdings Inc. The company plans to list on the Nasdaq Stock Market under the symbol BUFF.
JPMorgan Chase & Co. and Citigroup Inc. are managing the offering.
Blue Buffalo posted net sales of $917.8 million in 2014, a 28 percent increase from the year prior. The company earned $101.9 million last year, and had $390.1 million in debt as of March 31.