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Chewy Launches IPO; Valuation Pitched At $7B

The share price is expected to be between $17 and $19.

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DANIA BEACH, FL — Chewy Inc. has launched the roadshow for its initial public stock offering.

Owner PetSmart Inc. puts Chewy’s proposed valuation at about $7 billion, Bloomberg notes.

Chewy is offering 5.6 million shares of its Class A common  stock. A subsidiary of PetSmart is offering 36 million shares of Chewy’s Class A common stock, plus up to an additional 6.24 million shares that the underwriters have the option to purchase.

The initial public offering price is expected to be between $17 and $19 per share. The shares have been approved for listing on the New York Stock Exchange under the symbol CHWY.

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Chewy intends to use the net proceeds from this offering for working capital and other general corporate purposes, according to a press release. Chewy will not receive any of the proceeds from the sale of shares offered by the subsidiary of PetSmart.

The online pet product retailer was acquired by PetSmart in 2017 in a $3.3 billion deal.

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