PetSmart, the owner of Chewy.com, has started the process to take the online pet retailer public. Chewy lost $267 million on revenue of $3.53 billion in 2018.

Despite this loss, Petsmart should come out ahead as it purchased Chewy for an estimated $3.4 billion in 2017 and its current value is estimated at between $4.15 and $4.75 billion.