Chewy, an online pet supplies retailer, ended its first day as a publicly traded company 59% higher. 'I think everyone underestimated how well we would execute and how big of a business we could build,' says founder Ryan Cohen.
Shares of Chewy, which was bought by retailer PetSmart in 2017 for nearly $3.4 billion, soared nearly 80% to about $39 in early trading Friday. The company was valued at more than $15 billion following the stock sale.Chewy priced its initial public offering Thursday at $22 a share. That was above the expected range.The company raised $1 billion from the stock sale and now trades on the New York Stock Exchange under the ticker symbol CHWY.
5 billion. But the company is still losing money. It reported a net loss of $268 million in 2018, following a $338 million loss a year earlier. Chewy is the latest high-profile unicorn IPO to launch with a smash, following in the footsteps of gig economy network Fiverr on Thursday and cybersecurity firm CrowdStrike earlier this week.
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