Chewy dips as BC Partners to carve stake in secondary offering, stock buyback

Shares of Chewy CHWY.N down 3.2% post-market to $41.97 after online pet products retailer announces secondary offering, concurrent buyback

Co commences $1 bln share offering by BC Partners

In addition, Chewy to repurchase $100 mln worth of shares from the private equity firm

JP Morgan sole underwriter for stock offering

Following the transactions, BC Partners would own ~47% of CHWY, or roughly 193.5 mln shares, per the prospectus filing

Plantation, Florida-based Chewy has ~415.2 mln shares outstanding for ~$18 bln market cap

CHWY shares closed up 3.5% at $43.36 on Mon, up ~29% YTD

Earlier this month, co reiterated its annual sales forecast of $12.3-$12.45 bln, sending its stock down 11% in a single session

Avg rating among 31 analysts covering CHWY is "buy" and median PT is $45.50, per LSEG data