Petsmart’s online pet products retailer Chewy priced its initial public offering (IPO) at $22 per share, above its target range of around $19 to $21 per share.
In a statement on Thursday, Chewy said it will be offering 46.5 million shares of its Class A common stock on the New York Stock Exchange (NYSE) under the symbol “CHWY.” Its trading debut is on Friday, June 14.
Petsmart is the owner of Chewy, which will be trading under a dual-class structure after the IPO. According to the online pet products retailer, it will be trading 5.6 million of its Class A shares while Petsmart will be offering 40.9 million Class A shares.
Petsmart owns 278 million Class B shares of the online pet products retailer, which represent around 70 percent of the company’s Class A common stock. Petsmart is its largest shareholder, holding approximately 77 percent voting power.
Chewy said its net sales have been growing
Chewy it is expected to raise $873.6 million in net proceeds from its market debut.The company plans to use its net proceeds for general corporate purposes and working capital, according to its Form S-1 filing with Securities and Exchange Commission (SEC).
