Did PetSmart Wait Too Long To Pursue A SPAC Deal?

Pet ownership has never been more popular. Nearly one in five Americans acquired a new pet during the pandemic, according to the ASPCA. And caring for all those new furry friends isn’t cheap. They need food. Toys. Leashes. They need training and daycare and healthcare. Asthinks the time might be right to go public.

It quickly became clear that the deal was a home run. Chewy’s revenue surged, and it conducted an IPO about two years later, reaching a valuation of nearly $9 billion. Its shares climbed some 60% in their first day alone, taking that figure north of $14 billion. Less than a year later, the pandemic began. The business of selling pet products online was already an appealing one; suddenly, it became a model that investors couldn’t ignore. Between March 2020 and February 2021, Chewy’s stock price climbed more than 350%, and its market cap soared to nearly $50 billion.

But as the lockdowns and store closures of the early pandemic waned, the market began to shift. Investors realized they might have gotten out over their skis. Over the past 12 months, Chewy’s stock has fallen nearly 70%, down to $38.05 per share as of this writing. Along with names like, it serves as a prime example of the ongoing correction in certain pandemic-fueled stocks, as some of the trends that caused these companies’ businesses to surge during 2020 show signs of retrenchment.

I’m not privy to all the machinations going on in the Phoenix-based company’s board room. PetSmart’s executives surely have their reasons, and a combination with the KKR-backed SPAC—which raised nearly $1.4 billion in an IPO last year—could have plenty of appeal. Timing isn’t everything. But the whole affair is a reminder that, when it comes to making a public debut or lining up a different kind of exit, it can certainly be a multibillion-dollar thing.

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