Chewy valuation soars
Chewy, which was bought by retailer PetSmart in 2017 for nearly $3.4 billion in 2017, priced its initial public offering Thursday at $22 a share.
They will raise $1 billion for the stock sale at an $8.8 billion valuation. That's a pretty massive valuation bump from 2017 to today.
The online pet supplies retailer is growing rapidly, despite competitive threats from Amazon as well as food giant General Mills, which recently acquired pet food seller Blue Buffalo.