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6/14, 5:06 PM (Source: TeleTrader)
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Chewy-0.10%

29.49
Chart for: Chewy Inc

Chewy opens 63.64% up in New York IPO

The biggest so-called pure-play etailer in its sector in the United States, meaning it only operates online, started trading at $36 per share on Friday or 63.64% above the final price in its initial public offering. The stock continued to rally. It touched $39.1 apiece in the first few minutes, bringing the valuation to $15.64 billion. It translates to over $16 billion in case the overallotment option is fully exercised.

Chewy Inc. is headquartered in Dania Beach, Florida, and owned by PetSmart Inc. The provider of pet products and services has another center in Boston. The company is led by chief executive Sumit Singh from March of last year. He used to run Amazon's consumables division.

PetSmart will keep 70% of the shares, carrying 77% of votes. Its subsidiary has almost ten thousand employees.

Breaking the News / IT