Chewy Inc said on Thursday it priced its initial public offering at $22 per shar...
NEW YORK - 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.
Chewy’s sales have rocketed from $26 million to $3.5 billion between 2012 and 2018. Its 2018 net loss narrowed to $267.9 million from $338.1 million in 2017. Chewy had set a price range of $19 to $21 per share, which was raised earlier this week from $17 to $19 per share. However, the company quickly faced strong headwinds as many customers snubbed its stores for the convenience of online shopping.
Chewy is trying to foster customer loyalty, an effort which has included sending bereavement cards to shoppers who have recently lost a pet.
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