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Pet supplies retailer Chewy increases $ 1 billion in stock market listing



Chewy, which was bought by the retailer PetSmart in 2017 for nearly $ 3.4 billion in 2017, priced its original public offer Thursday at $ 22 per share. It's over the expected range and values ​​of Chewy at $ 8.8 billion.

The company will raise $ 1 billion from the stock market and will trade on the New York Stock Exchange under the ticker symbol CHWY.
Chewy grows fast, despite competition threats from Amazon ( AMZN ) and food giant General Mills ( GIS ] ) who recently acquired Sales Animals sells Blue Buffalo.

Sales increased by 68% last year to over $ 3.5 billion. But the company still loses money. It reported a net loss of $ 268 million in 201

8, following a $ 338 million loss the year before.

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Chewy is the latest high-profile unicorn introduction to start with a smash, followed by in the footsteps of the Fiverr concert network on Thursday and cybersecurity firm CrowdStrike ( CRWD ) earlier this week. ” data-src-mini=”//cdn.cnn.com/cnnnext/dam/assets/190612160757-02-ipo-market-chewy-crowdstrike-slack-restricted-small-169.jpg” data-src-xsmall=”//cdn.cnn.com/cnnnext/dam/assets/190612160757-02-ipo-market-chewy-crowdstrike-slack-restricted-medium-plus-169.jpg” data-src-small=”http://cdn.cnn.com/cnnnext/dam/assets/190612160757-02-ipo-market-chewy-crowdstrike-slack-restricted-large-169.jpg” data-src-medium=”//cdn.cnn.com/cnnnext/dam/assets/190612160757-02-ipo-market-chewy-crowdstrike-slack-restricted-exlarge-169.jpg” data-src-large=”//cdn.cnn.com/cnnnext/dam/assets/190612160757-02-ipo-market-chewy-crowdstrike-slack-restricted-super-169.jpg” data-src-full16x9=”//cdn.cnn.com/cnnnext/dam/assets/190612160757-02-ipo-market-chewy-crowdstrike-slack-restricted-full-169.jpg” data-src-mini1x1=”//cdn.cnn.com/cnnnext/dam/assets/190612160757-02-ipo-market-chewy-crowdstrike-slack-restricted-small-11.jpg” data-demand-load=”not-loaded” data-eq-pts=”mini: 0, xsmall: 221, small: 308, medium: 461, large: 781″ src=”data:image/gif;base64,R0lGODlhEAAJAJEAAAAAAP///////wAAACH5BAEAAAIALAAAAAAQAAkAAAIKlI+py+0Po5yUFQA7″/>

] ) video conferencing company Zoom (] PagerDuty ( PD ]] has all increased since they went public too, a sign that the broader IPO market is still in solid form despite the struggles of Uber ] ] ] and Lift ( LIFT )

Chewy hopes that there will be next Beyond Meat and not another flop as uber.

The company may also have to do with unfavorable comparisons with Pets.com, one of the highest profiled disasters in the dot com bubble in the late 1990s and early 2000.


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