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IPO Roundup: Online pet supplies retailer Chewy unleashed in public debut

The Dania Beach, Florida company raised a cool $1 billion after pricing its 46.5 million shares at $22

Person petting dog
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

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.

READ: IPO Roundup: Traders cash in on Fiverr; Mohawk Group struggles post-IPO

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.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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