Tail-Wagging IPO
Online Pet Retailer Chewys' Initial Public Offering Source: AKA Source: Chewys Combining Pet Products and Online Innovation Chewys, which is PetSmart's online retailer, just launched an Initial Public Offering that has resulted in a market cap of $14 billion. Out of the box the share price was targeted at $22.00 but it soared 59% to $35.00 It's one of the top IPO's of 2019 on the NYSE Going to the Dogs and Cats and Loving It The online pet retail company is based in Dania Beach, FL. It is the latest unprofitable technology company to enjoy an IPO surge this year. Investors are clearly banking on Americans' increased spending on their pets - $73 billion last year - and the migration to doing the spending online. The company says it is considering expanding overseas and also expanding inhouse brands including its pet pharmacy online. In this case, you might say "going to the dogs" is a good place to be.