PetSmart’s Online Pet Company Chewy Files For IPO

PetSmart's Chewy.com has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) of shares. Chewy.com is an online pet product and pet pharmacy company that offers 1,600 different pet brands.

The company said the price range and proposed offering has not been determined at this time but did say the offering would be “made only by means of a prospectus.”

The announcement by Chewy was made on Monday, with the company reportedly earnings $3.5 billion in sales for fiscal 2018. This is an increase from the 2017 fiscal year earnings reported of $2.1 billion.

Chewy also reported a net loss of $268 million, reducing its net loss of $338 million from the year prior.

Historical valuation of the company is between $4.15 billion and $4.75 billion, according to S&P Global Ratings.

According to Chewy, Allen & Company LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC are jointly leading the offering.

PetSmart purchased Chewy in 2017 for approximately $3 billion. According to the SEC filing, PetSmart will remain the majority owner of Chewy, using IPO proceeds for working capital and corporate purposes. It was not determined how Chewy will raise funding for the IPO.

Chewy will list under the stock ticker CHWY.