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. 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 U.S. pet industry market. Some 46.5 million Chewy shares were sold in the IPO, up from the anticipated 41.6 million as PetSmart sold more shares than originally planned.
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