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6/14, 4:13 PM (Source: TeleTrader)
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Chewy-6.14%

34.99
Chart for: Chewy Inc

Chewy indicated at $30 to $32.5 per share at NYSE

Giant pet product retailer Chewy Inc. was about to start trading on Friday at the New York Stock Exchange at $30 to $32.5 per share. The online platform operator raised more than $1.02 billion for 46.5 million shares at $22 apiece compared to the target range of $19 to $21. The high end of the estimated range would bring valuation to $13 billion or $13.23 billion if the overallotment option is fully exercised.

The initial estimate was $17 to $19 per share and the eight-year-old debutant's owner later increased the initial public offering by almost five million more shares. PetSmart Inc., privately owned chain providing pet products and services, acquired Chewy.com two years ago and is now selling 40.9 million shares. The greenshoe or overallotment option allows 6.98 million shares above the total.

The company lost $267.9 million in the last fiscal year or 20.8% last than in 2017 amid a jump in revenue of 68% to $3.53 billion. Class B common stock, entitled to ten votes, will be convertible to the offered class A shares with one vote each.

Breaking the News / IT