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 US pet industry market.
That gives the company - which lost $328m past year on $3.3B in revenue - a market cap of more than $16 billion. Its 2018 net loss narrowed to $267.9 million from $338.1 million in 2017.
According to the company's late-Thursday statement, it sold 46.5 million shares of its Class A common stock for $22 apiece in the offering, above a newly revised projected range and more shares than it previously said it planned to offer in the IPO. PetSmart will receive about $900 million from the sale.
Many market watchers have been fervently waiting for the listing, which was first thought to be between $17 and $19 per share, but was raised to the $19-$21 range and now has topped that mark.
Chewy pitched its stock to investors as a way to buy into the trend of "pet humanization" by owners who are increasingly treating pets as a part of their families, as well as buying into an industry which has historically held up well in economic downturns.
Like other companies, Chewy made its debut on the public markets. It now owns 55 percent of the online pet food market and a third of the online pet supply market, according to Retail Dive. The IPO values Chewy at nearly three times the $3.35 billion PetSmart paid for the company.
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Americans spent $72.6 billion on their pets previous year, which is more than triple the amount spent two decades ago, according to the American Pet Products Association.
To grow, Chewy plans to create more in-house pet food brands, expand its year-old animal pharmacy and venture beyond the U.S. Chewy prides itself on being there for pet darlings and making encounters for them, as indicated by Cohen who helped to establish Chewy with Michael Day in 2011.
"There's still lots of penetration and growth to be had just within the US market, there's continuing to expand internationally", Cohen said earlier this week.
The offering follows a heated dispute between PetSmart and its creditors over the transfer of Chewy assets ahead of the IPO. Besides, at its first day in NYSE, on Friday (June 14th), shares of Chewy Inc. had rocketed by 59.05 percent to wrap the day up just a notch shy of $35 per share, after rising as much as 86 percent to $41 per share during morning United States trading hours.
Morgan Stanley, JPMorgan, Allen & Co and Bank of America Merrill Lynch led the 12-member underwriting team.