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Chewy Files to Become a Public Company

Its valuation could be as high as $4.75B.

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Chewy has filed documents with the U.S. Securities and Exchange Commission to go public via an initial public offering, Markets Insider reports.

The online pet product retailer, which was acquired by PetSmart in 2017 in a $3.3 billion deal, could bring a valuation of up to $4.75 billion, according to media report.

The stock will trade under the ticker CHWY.

PetSmart will continue to be the majority owner of Chewy after the IPO, according to CNBC.

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Proceeds from the offering will be used “for working capital and other general corporate purposes.”

Chewy had sales of $3.5 billion in fiscal 2018. It reported a net loss of $268 million for that period.

Find out more at Markets Insider

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