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takyon [soylentnews.org] writes:

Chewy raises $1 billion in IPO [cnn.com]

It will rain cats and dogs on Wall Street Friday: Online pet supplies retailer Chewy is set to make its debut. And it should be a strong one. 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. That's above the expected range and values Chewy at $8.8 billion. The company will raise $1 billion from the stock sale and will trade on the New York Stock Exchange under the ticker symbol CHWY.

Chewy is growing rapidly, despite competitive threats from Amazon (AMZN) as well as food giant General Mills (GIS), which recently acquired pet food seller Blue Buffalo.

Sales soared 68% last year to more than $3.5 billion. But the company is still losing money. It reported a net loss of $268 million in 2018, following a $338 million loss a year earlier.

Unicorn meat.

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