Wall Street lapped up Chewy shares as they made their Friday debut on the New York Stock Exchange.
The web-based pet food and supplies seller saw its stock jump as much as 88% moments after it opened mid-morning. By 12:35 p.m. ET, investor excitement tempered slightly but shares were still up a formidable 58%, at $34.74.
Chewy shares had priced at $22 apiece Thursday evening — slightly above the company’s already increased target range of $19 and $21. The first trade of the money-losing company was at $36 a share.
Chewy generated sales of $3.5 billion in 2018 — up 67% from the prior year — as pet owners flocked to the company’s offerings of pet food and toys. Losses of $267.8 million in 2018 were narrower than the previous year by nearly 21%.