Chewy files for IPO, could use Amazon as template for investors
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 is likely to change in the weeks ahead as Chewy’s bankers gauge investor demand for the IPO. If all goes according to plan, Chewy’s share will trade under the ticker symbol “CHWY.”
It marks the latest IPO in a parade of unprofitable technology companies led by ride-hailing services Uber and Lyft trying to persuade investors that they are mining markets that eventually will turn into money makers.
Chewy, which hasn’t been profitable since it was founded in 2011, stands out from the rest of the crowd because of its involvement in online pet sales — a niche that turned into a financial wasteland as hundreds of internet companies imploded after raising billions of dollars during the late 1990s.
Pets.com emerged as most prominent of at least nine online pet stores born during that era. It collapsed nearly 19 years ago with the ignominious distinction of leaving behind a sock puppet as its most valuable asset. The puppet, which starred in expensive TV commercials, eventually sold for $125,000 in Pets.com’s liquidation sale and became the mascot for an auto lender providing financing to people with bad credit.I did a duck duck go search for "Pets.com" + "Henry Blodget".
Chewy may also have to overcome that specter, given it lost $267.9 million last year on revenue of $3.53 billion....MORE
Although IPET wasn't one of the stocks the SEC charged Henry for fraudulently touting, he did cover it and waited until the stock had declined 90% before he changed his buy rating.
Among the results for the Duck Duck Go search was:
List of American novelists - WikipediaI am amused.
This is a list of novelists from the United States, listed with titles of a major work for each.. This is not intended to be a list of every American (born U.S. citizen, naturalized citizen, or long-time resident alien) who has published a novel.
