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PetSmart's Chewy Jumps 59% in Debut After $1.02 Billion IPO

  • Online pet-supply company closes first trading day up 59%
  • CEO sees further growth with private brands, health services
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Chewy CEO Sumit Singh speaks with Bloomberg’s Emma Chandra.(Source: Bloomberg)
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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 Friday from the $22 offer price. The shares closed up 59% to $34.99, giving the company a market value of about $13.95 billion.