Business

Pets are chowing down. South Florida’s Chewy is valued at $4B — and going public

By Rob Wile
FILE - This May 24, 2005, file photo shows a sign of a pet store chain, PetSmart, in Warwick, R.I. PetSmart’s online pet store Chewy is selling its stock in an initial public offering that may revive memories of the days when its breed of internet retailing seemed like a lost cause. The Dania Beach, Florida, company is setting out to raise $100 million, but that figure listed in documents filed Monday, April 29, 2019, is likely to change in the weeks ahead as Chewy’s bankers gauge investor demand for the IPO. (AP Photo/Stew Milne, File)
FILE - This May 24, 2005, file photo shows a sign of a pet store chain, PetSmart, in Warwick, R.I. PetSmart’s online pet store Chewy is selling its stock in an initial public offering that may revive memories of the days when its breed of internet retailing seemed like a lost cause. The Dania Beach, Florida, company is setting out to raise $100 million, but that figure listed in documents filed Monday, April 29, 2019, is likely to change in the weeks ahead as Chewy’s bankers gauge investor demand for the IPO. (AP Photo/Stew Milne, File) Stew Milne AP

The dog has barked: Chewy is filing to go public.

The pet supply e-commerce platform, which previously raised approximately $500 million in venture capital, according to fundraising tracker Crunchbase, and at a valuation reported at $4 billion, filed for an initial public offering Monday.

In its filing, the company listed net sales of $3.5 billion in 2018, an increase of 67 percent from 2017. It has yet to post a profitable quarter, though losses narrowed 21 percent year-over-year in 2018.

Chewy said that as of February 3, 2019, it had 9,833 full-time equivalent employees across 11 states, including three locations in Florida. It also maintains a headquarters in Boston.

Petsmart will remain the company’s majority shareholder.

This story was originally published April 30, 2019 at 12:48 PM.

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