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

Chewy priced its shares at $22, a day after upwardly revising its range, raising $1 billion for the pet supply retailer and its owner, PetSmart. We took a look at the numbers behind the upsized IPO.

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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    Written by Graham Linley
    Graham Linley used to write about M&A, private equity, and a sprinkling of VC.

    As a homegrown Californian and UCLA alumni, Graham loves the sun, which he misses very dearly. He also enjoys video games, fiction books and binge-watching only the best of TV shows. He also loves to have a good laugh with good friends.
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