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.
The article Big dog: Pet supplies e-tailer Chewy increases proposed IPO range to $19 to $21 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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