Chewy, the largest US online retailer of pet food and supplies being spun out of PetSmart, raised the proposed deal size for its upcoming IPO on Wednesday.
The Dania Beach, FL-based company now plans to raise $832 million by offering 41.6 million shares (87% insider) at a price range of $19 to $21. The company had previously filed to offer 41.6 million shares at a range of $17 to $19. At the midpoint of the revised range, Chewy will raise 11% more in proceeds than previously anticipated and command a market value of $8.5 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 on June 13, 2019.
