Shares of Chewy Inc soared 63% in their public debut, giving the online pet prod...
- Shares of Chewy Inc soared 63% in their public debut, giving the online pet products retailer a market value of $14.35 billion, more than four times the price PetSmart paid for it in 2017.
The company had set a price range of $19 to $21 per share, which was raised earlier this week from $17 to $19 per share. Jay Ritter, an IPO expert and professor at the University of Florida, however, is skeptical whether Chewy’s valuation allows enough further upside potential for investors. PetSmart, owned by private equity firm BC Partners, bought Chewy in 2017, a deal that added $2 billion to the company’s debt load.
Chewy holds a 45% share of the online dog and cat food market, matching Amazon’s share, according to research firm 1010data.
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