Chewy Raises Nearly $300 Million in Capital

 

Chewy, Inc. has agreed to an underwritten public offering worth more than $275 million. 

According to a Sept. 21 filing with the Securities and Exchange Commission (SEC), Morgan Stanley & Co. LLC—the sole underwriter for the offering—is purchasing 5.1 million shares of Chewy's Class A common stock at a price of $54.40 per share, with an option to purchase up to 765,000 additional shares. Morgan Stanly may subsequently offer the purchased shares for sale on the New York Stock Exchange or through other transactions. 

Chewy expects to use the net proceeds from the offering—which is subject to market and other conditions—for general corporate purposes, including growth initiatives.