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Chewy.com, the online pet product retailer owned by PetSmart, filed documents with regulators on Monday to prepare for an initial public offering.
PetSmart acquired Chewy in 2017 for roughly $3 billion to add an online business to complement its store base, as trends shifted online. But as the two business lines diverged, PetSmart transferred part of its stake in Chewy in a move that that set the groundwork for a potential IPO.
PetSmart will remain majority owner of Chewy following the IPO.
Chewy, which will list under the ticker "CHWY," and has hired Allen & Company, J.P. Morgan and Morgan Stanley to help lead its IPO.
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