NEWS (AWP / AFP) – American company Chewy made her debut debut on Wall Street on Friday. Chewy is a specialist in online pet products sales such as dog kibble.
Its stock has jumped 59% on its first day to close at $ 34.99, and it gives $ 13.7 billion worth of value.
The group, which is a subsidiary of PetSmart's pet store chain, has already priced the IPO at $ 22, which is between $ 17 and $ 19. As a result, he raised $ 123 million.
PetSmart, which acquired Chewy for $ 3.4 billion in 2017, will sell some of its shares and recover $ 900 million. He had to hold about 70% of the site's stock.
Headquartered in Florida, Chewy began in 2011 with the goal of "The most reliable and convenient online destination for all pet parents."
Revenue rose sharply from $ 26 million in 2012 to $ 3.5 billion last year.
As Americans pour more and more money into animals, there is still room for improvement. Among kibbles, accessories, veterinary care and various services, the sales of the sector reached $ 70 billion in 2017, the group said.
And with the rest of the distribution, online sales are increasing. The rate of Internet commerce in the food and accessories sector is expected to increase from 14% in 2017 to 25% in 2022.
However, growth in sales of animal products and services is expected to slightly mitigate from 2,014 to 2017 annually between 5.7% and 4.2% annually between 2017 and 2022.
And Chewy continues to lose money, with a net loss of $ 268 million last year.
The company is entering the New York Stock Exchange, which is worth more than $ 1 billion in unicorn-friendly environments.
Despite the difficult start of Uber and Lyft, others have made remarkable entries on Wall Street, such as Beyond Meat, which started the vegetarian diet, and Zoom, a video conferencing company.
This week, Fiverr, a site that provides worker services to the site, reached 90 percent of transactions on Thursday, and the company, which specializes in Computer Security CrowdStrike, accounted for 70 percent on Wednesday.
JUM / BP