PetSmart Inc.-controlled Chewy Inc. surged in its first day of trading after raising $1.02 billion in an initial public offering, as investors bet that pet owners will do more of their shopping online for everything from cat food to doggy sweaters.
Chewy’s shares rose as much as 88% in the first hour of trading June 14 from the $22 offer price. After opening at $36, they were up 58% to $34.82 at 1:48 p.m., giving the company a market value of about $13.88 billion.
PetSmart acquired Chewy in 2017, paying about $3 billion for the company. PetSmart last year pegged ...
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