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Chewy, an online pet food and supplies retailer owned by PetSmart, raised $1 billion in its IPO.
Why it matters: It's a massive valuation bump from the $3.3 billion that PetSmart, owned by BC Partners, paid to buy Chewy in 2017.
By the numbers: The company priced 46.5 million shares at $22, above its upwardly-revised range, for an initial market cap of around $8.77 billion.
- The bull case: This is a very sticky subscription service in an age of ubiquitous e-commerce (i.e., it operates in a very different world than did Pets.com). Plus, it's managed to consistently outpace Amazon in its segment.
- The bear case: This is partially around profits, or lack thereof, but more around a lopsided governance structure whereby BC Partners/PetSmart could maintain control of Chewy with as little as a 10% equity stake.
Go deeper: PetSmart's unprofitable online pet store Chewy to go public this week