Chewy founder Ryan Cohen on its fast-approaching IPO: ‘It’s like seeing my baby graduate’
Curated by: Startups
Ask any venture capitalist about the most important ingredient to success in startups, and they’ll tell you it’s founders who can persuade not only investors to part with their capital but, more important, who can convince people to leave what are often more stable jobs in order to help build their companies.
Ryan Cohen certainly fits the description. It goes a long way in explaining why Chewy, the online retailer of pet supplies that he cofounded in 2011, sold to PetSmart for a reported $3.35 billion in 2017 — and why it’s also expected to stage a successful IPO this Friday, when PetSmart spins it off (though PetSmart will continue to hold a majority stake in the company). Just today, the expected IPO price range, originally planned at between $17 and $19 per share, was raised to $19 to $21 per share, with the IPO advisory firm IPO Boutique saying the guidance it has received is that the deal is “multiple times oversubscribed.”
Cohen stepped away from Chewy last year, nearly a year after its all-cash sale. Naturally, he’s still excited to stand on the balcony of the NYSE as the company’s shares begin trading publicly on Friday.