Business »  Topic »  Chewy shares surge 63% in debut as investors bank on booming pet market

Chewy shares surge 63% in debut as investors bank on booming pet market


(Reuters) - 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’s shares opened at $36.00 and rose as high as $41.34, compared with the IPO price of $22.00. The stock was up 56% at $34.20 in afternoon trading in a weak broader market.

Indicating solid investor appetite for a piece of the over $70 billion U.S. pet market, the offering was priced higher than the expected range ...


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