Chewy Files For IPO
E-Commerce pet food retailer Chewy has filed for an IPO and will be listed on the New York Stock Exchange under the ticker symbol “CHWY.” The number of shares to be offered and the price range for the proposed offering have not yet been determined.
Chewy reported $3.5 billion in sales during fiscal 2018, up from $2.1 billion in fiscal 2017, according to CNBC. The retailer reported a net loss of $268 million in fiscal 2018, down from a net loss of $338 million the previous year. The retailer’s valuation is estimated to be between $4.15 billion and $4.75 billion, according to S&P Global Ratings.
PetSmart acquired Chewy in 2017 for approximately $3.35 billion. PetSmart will remain majority owner of Chewy following the IPO, and the retailer will use the proceeds for working capital and general corporate purposes.