Chewy is going public this week, carrying a valuation of about $7 billion, roughly twice what the company sold for in 2017. It too has a special class of shares. Its largest shareholder, BC Partners, will control 98.8% of the votes after the offering is over.
Between the lines: Chewy has never turned a profit, and it burned through $63.3 million of cash in the quarter ending on May 5. At that rate, the $101 million it plans to raise in the IPO will last just 21 weeks.