A still image from a Chewy.com promotional video.
Chewy.com, the online pet product retailer owned by PetSmart offering $ 19 billion in sales for fiscal year 2018, up from $ 2.1 billion in 2017. For the same period, reported in net loss of $ 268 million, down from a net loss of $ 338 million.
Chewy did not state how much it expects to raise in the offering. Previous estimates have pegged its valuation between $ 4.1
But as the two business lines diverged, PetSmart transferred part of its stake in Chewy in a move that set the groundwork for a potential IPO.
Following the IPO, PetSmart will remain the majority owner of Chewy. It will use proceeds from the IPO for working capital and general corporate purposes, according to the filing.
Chewy was founded in 2011 by Ryan Cohen and Michael Day. It has distinguished itself from many of its competitors with customer service that includes 24/7 access and two-day shipping or online orders.
Since its sale to PetSmart, Chewy has expanded its private label and launched "Chewy Pharmacy," and online pet pharmacy
Cohen last year stepped down as CEO of the company. He was replaced by Sumit Singh, formerly Chewy's chief operating officer, who previously served as director of Amazon Fresh and worked for Dell.
Chewy joins a long list of unprofitable companies that have either Pinterest and Surveymonkey. Last October, the percentage of unprofitable U.S. companies than went public reached eighty-three percent, topping numbers seen even in the dot-com bubble.
As a pet retailer, Chewy's IPO plans sparked jokes on Twitter Monday afternoon referencing one of the most famous unprofitable victims of the dot com bubble – Pets.com.
Chewy, which will list under the ticker "CHWY," hired Allen & Company, J.P. Morgan and Morgan Stanley to help lead its IPO.
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