Shares of Chewy.com, an online retailer of pet food and supplies, were priced at $22 each, higher than the expected range of $19 to $21, a range that was raised earlier this week.
Chewy, which was launched in 2011, is expected to begin trading Friday on the New York Stock Exchange under the ticker symbol “CHWY.”
Chewy was valued at $8.77 billion after more stock was sold than originally planned.
About 46.5 million Chewy shares were sold in the initial public offering, up from the anticipated 41.6 million as majority owner PetSmart sold more shares than originally planned, according to Reuters. PetSmart, which was taken private at the end of 2014, bought Chewy for $3.35 billion in 2017.
PetSmart will receive almost $900 million from the sale of its stock. Chewy raised $123.2 million.
Chewy reported sales of $3.5 billion in 2018, an increase of 67% from a year earlier, and a loss of $267.9 million.
