PetSmart's Chewy gets Wall Street tails wagging with $1 billion IPO

Chewy Inc said on Thursday it priced its initial public offering at $22 per share, above its target, and sold more stock than originally planned, valuing the online pet products retailer at $8.77 billion. The IPO raises funds to help manage the debt load of parent company PetSmart, and indicates investor demand for a loss-making but fast-growing e-commerce company to tap into the roughly $70 billion U.S. pet industry market. Some 46.5 million Chewy shares were sold in the IPO, up from the anticipated 41.6 million as PetSmart sold more shares than originally planned.

from Yahoo News - Latest News & Headlines https://yhoo.it/2IcJVEt