Chewy, an online retailer owned by PetSmart selling assorted pet supplies, announced terms for its IPO on Monday.
The Dania Beach, FL-based company plans to raise $749 million by offering 41.6 million shares (87% insider) at a price range of $17 to $19. At the midpoint of the proposed range, Chewy would command a fully diluted market value of $7.6 billion.
Chewy was founded in 2011 and booked $3.5 billion in sales for the 12 months ended January 31, 2019. It plans to list on the NYSE under the symbol CHWY. Morgan Stanley, J.P. Morgan, Allen & Company, BofA Merrill Lynch, Barclays, Jefferies, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of June 10, 2019.
