Chewy (NYSE: CHWY), the online pet products retailer owned by Petsmart, had a successful initial public offering (IPO) on Friday.
Its stock price soared as much as $41.34 per share before settling to $34.99 per share, up 59 percent from its
Chewy and Petsmart offered a total of 46.5 million shares of itts Class A common stock and raised around $1 billion from its IPO. The company plans to use the net proceeds from its market debut for working capital and general corporate purposes.
After the IPO, Petsmart will remain Chewy’s largest shareholder, owning 70 percent of its Class A shares and holding 77 percent voting power.
Renaissance Capital’s Kathleen Smith noted that Chewy is benefiting from “the large market of 85 million households who love their pets.
Recent IPOs
The online pet products retailer follows the trading debuts of high-profile unicorn companies including Beyond Meat (NASDAQ: BYNBD), CrowdStrike (NASDAQ: CRWD), Zoom Video Communications (NASDAQ: ZM) and Pinterest (NYSE: PINS).
