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Chewy Launches Initial Public Offering


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Chewy, Inc. has launched the roadshow for the initial public offering of its Class A common stock. Chewy is offering 5.6 million shares of its Class A common stock. A subsidiary of PetSmart, Inc., is offering 36 million shares of Chewy's Class A common stock, plus up to an additional 6.24 million shares that the underwriters have the option to purchase. The initial public offering price is expected to be between $17 and $19 per share. The shares have been approved for listing on the New York Stock Exchange under the symbol "CHWY."

Chewy intends to use the net proceeds from this offering for working capital and other general corporate purposes. Chewy will not receive any of the proceeds from the sale of shares offered by the subsidiary of PetSmart, Inc.

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., 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.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. 

The offering will be made only by means of a prospectus. 

Copies of the preliminary prospectus relating to this offering may be obtained from: 

Morgan Stanley & Co. LLC
Attention: Prospectus Department 
180 Varick Street, 2nd Floor 
New York, NY 10014 

J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions 
1155 Long Island Avenue
Edgewood, NY 11717
By telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com  

Allen & Company LLC
Attention: Prospectus Department 
711 Fifth Avenue, 10th Floor
New York, NY 10022
By telephone at (212) 339-2220 or by email at allenprospectus@allenco.com

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