PetSmart’s Chewy wends public at $1 billion blockbuster IPO

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PetSmart’s Chewy wends public at $1 billion blockbuster IPO

On Thursday, the 13th of June 2019, the Chewy Inc., a US-based online retailer of pet foods and other pet-related items headquartered in Dania Beach, Florida, had priced its IPO at $22 per share, above its target range of $17-$19, sold more stocks than slated previously.

In point of fact, following PetSmart’s Chewy Inc.’s chartbuster initial public offering, the online pet product retailer’s valuation had reached at $8.77 billion. None the less, the IPO indicates a havoc-scale demand for fast-growing online companies despite their loss-making attempts, as Uber and Lyft did earlier in 2019.

Given the scale of Chewy Inc.’s sales surge, which had rocketed to $3.5 billion from initial $26 million back in 2012, the pet products retailer would likely to tap more money onto a $70 billion US pet product industry, analysts suggested.

During its IPO, Chewy Inc. had sold about 46.5 million shares, about 10 percent up from originally planned 41.6 million shares. According to a company spokeswoman, at $22 per share, the PetSmart, parent organization of Chewy Inc., would receive some $900 million from the sales of the stocks, while Chewy Inc.

had anticipated a price range of $17-$19 per share in its IPO as beforementioned. Besides, at its first day in NYSE, on Friday (June 14th), shares of Chewy Inc. had rocketed by 59.05 percent to wrap the day up just a notch shy of $35 per share, after rising as much as 86 percent to $41 per share during morning US trading hours.