Chewy's valuation at its IPO price approached $9 billion ... now after the open, its market cap has been boosted to nearly $15 billion
Shares of Chewy Inc.
took flight at their open Friday, to trade 72% above the $22 initial public offering price. The stock's first trade was at $36 at 11:03 a.m. Eastern for 6.1 million shares, then kept rising. The pet e-tailer's IPO priced late Thursday above the expected range of $19 to $21 a share, which was recently raised from $17 to $19. The company raised $129.8 million in the IPO through the sale of 5.6 million shares, while its biggest shareholder, parent PetSmart Inc., raised $899.
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