Chewy's IPO Raises $1.02 Billion in Upsized Offering

PetSmart-controlled Chewy and its investors raised $1.02 billion in an expanded initial public offering, pricing its shares above an elevated target range, according to Bloomberg.

The online supplier of pet food and accessories sold 46.5 million shares on Thursday for $22 each, according to a statement. The company on Wednesday had raised its price range for 41.6 million shares to $19 to $21, after earlier marketing the stock for $17 to $19.

Chewy is valued in the IPO at about $8.8 billion based on the outstanding shares as listed in its U.S. Securities and Exchange Commission filings. Current investors sold most of the shares in the offering, the filing shows.

The offering included 5.6 million shares being sold by Chewy and 40.9 million sold by a wholly owned subsidiary of PetSmart, according to the statement. The IPO is one of only 10 for online product retailers globally to exceed $1 billion, according to data compiled by Bloomberg.