IPO

Top dog: Chewy's path to its $8B+ IPO [datagraphic]

June 13, 2019
Chewy priced its shares at $22 apiece Thursday, above the high end of its upwardly revised range. The price gives Chewy an initial market cap of roughly $8.7 billion—a sizable increase from the $3.35 billion PetSmart paid to acquire the company in 2017, in what was then the biggest ecommerce acquisition ever. Chewy sold 5.6 million shares in the offering, raising $123.2 million; PetSmart planned to sell 36 million shares but increased its offering to 40.9 million.

About a year after the acquisition, PetSmart spun off a 20% stake in the online pet supply retailer to a holding company controlled by its private equity owner, BC Partners, plus a 16.5% stake to a PetSmart subsidiary. The transfers kicked off legal disputes, as lenders reportedly argued PetSmart was insolvent at the time, making the move fraudulent.

We've put together a datagraphic to visualize the numbers surrounding Chewy’s path to the public market, its sales and key financial metrics, and more.

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