Chewy (CHWY) IPO Opens 64% Higher

Today's IPO for Chewy, Inc. (NYSE: CHWY) opened for trading at $36 after pricing 46,500,000 shares of its Class A common stock at a price to the public of $22.00 per share, above the expected $19-$21 range.

The offering consists of 5,600,000 shares of Class A common stock being sold by Chewy and 40,900,000 shares of Class A common stock being sold by a wholly-owned subsidiary of PetSmart, Inc.

In addition, the Selling Stockholder granted the underwriters a 30-day option to purchase up to 6,975,000 additional shares of Class A common stock at the public offering price, less underwriting discounts and commissions.

The shares of Class A common stock are expected to begin trading today under the symbol "CHWY." The offering is expected to close on June 18, 2019, subject to customary closing conditions.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Allen & Company LLC are acting as joint lead bookrunning managers for the offering. BofA Merrill Lynch, Barclays Capital Inc., BC Partners Securities LLC, Jefferies LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are also acting as joint bookrunning managers. Nomura Securities International, Inc., Raymond James & Associates, Inc. and William Blair & Company, L.L.C. are acting as co-managers.

Chewy's mission is to be the most trusted and convenient online destination for pet parents everywhere. They believe that they are the preeminent online source for pet products, supplies and prescriptions as a result of a broad selection of high-quality products which they offer at competitive prices and deliver with an exceptional level of care and a personal touch.

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