Chewy stock is indicated to start trading as high as $38, or 73% above IPO price
The market for initial public offerings will be tested this week as a flurry of companies get ready to price their deals. It’s an eclectic group that includes online pet retailer Chewy.Chewy Inc. set terms of its initial public offering, in which the pet food seller could raise up to $106.4 million and a selling stock holder could sell up to $684 million worth of shares. The IPO of Class A shares is expected to price between $17 and $19 a share. Chewy is offering 5.
Morgan and Allen & Company, options to buy up to an additional 6.24 million shares. Following the IPO, PetSmart Inc., the majority shareholders, will own 278.4 million Class B shares, representing 70% of total shares outstanding and 77% of the voting power. The Class A shares will be listed on the NYSE under the ticker symbol "CHWY." The company is going public at a time the Renaissance IPO ETF has lost 3.6% over the past three months and the S&P 500 has lost 1.8%.
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