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Fixed image of a promotional video from Chewy.com.
Source: Chewy.com
Chewy.com, PetSmart's online pet retailer, filed regulatory filings with the company Monday for its IPO.
Chewy reported sales of $ 3.5 billion for fiscal 2018, up from $ 2.1 billion in 2017. For the same period, it recorded a net loss of $ 268 million , down from a net loss of $ 338 million.
Chewy did not specify how much he hoped to increase in his offer. According to previous estimates, its valuation is between $ 4.15 and $ 4.75 billion, according to S & P Global Ratings.
PetSmart acquired Chewy in 2017 for approximately $ 3 billion in order to add an online business to complement its store base, as trends changed online. However, when the two business lines diverged, PetSmart transferred part of its stake in Chewy, which laid the groundwork for a possible IPO.
The capital transfer triggered a lawsuit from some of the company's lenders, which PetSmart settled earlier this month.
After the IPO, PetSmart will remain the majority owner of Chewy. He will use the proceeds of the IPO for his working capital and general needs, depending on the deposit.
Chewy was founded in 2011 by Ryan Cohen and Michael Day. She has distinguished herself from many competitors by a customer service including access 24 hours a day, 7 days a week, as well as two days of online order shipping.
Since being sold to PetSmart, Chewy has expanded its own brand and launched "Chewy Pharmacy", an online pet pharmacy.
Cohen resigned last year as CEO of the company. He was replaced by Sumit Singh, former chief of operations at Chewy, who was previously director of Amazon Fresh and worked for Dell.
Chewy, which will be listed under the symbol "CHWY", has hired Allen & Company, JP Morgan and Morgan Stanley to help lead its IPO.
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