04:47 PM EST, 12/11/2024 (MT Newswires) -- Chewy (CHWY) said Wednesday an underwritten public offering of $500 million of its common shares by Buddy Chester Sub LLC has started.

The selling shareholder is affiliated with funds advised by BC Partners Advisors, Chewy's largest shareholder.

The underwriters are expected to be granted a 30-day option to purchase up to an additional $75 million of Chewy shares, the company said.

Chewy said it will not receive any proceeds from the offering, which is still subject to market and other conditions.

Shares of Chewy were down nearly 3% in recent after-hours activity.