Chewy Inc (NYSE:CHWY), the largest online pet food and supplies retailer, is off to the races in its public debut.
The Dania Beach, Florida company raised a cool $1 billion after pricing its 46.5 million shares at $22, just above the top end of its range. Investors didn’t stop there, and shares opened trading at $36.37.
Founded in 2011 and acquired by PetSmart for $3.4 billion in 2017, the company has struggled to earn a profit thanks in part to its free shipping.
The stock has given investors a lot to bark about so far, climbing 84% from its IPO price to $40.59.
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