Chewy Chases Twitter and LendingClub for Decade's Best Mega-IPO Pop
Chewy Chases Twitter and LendingClub for Decade's Best Mega-IPO Pop
(Bloomberg) -- The buying spree in Chewy Inc.’s debut session reached levels rarely seen since the 2008 financial crisis.
The shares closed 59% above Thursday’s IPO price, giving Chewy the second-best debut of the past ten years among U.S. IPOs that raised at least $1 billion. It’s just the latest in a string of strong starts for American firms tapping public markets.
Chewy’s first session lags only Twitter Inc., which surged 73% when it started trading in November 2013.
Shares in the PetSmart-Inc. controlled pet supply e-tailer opened 64% above the IPO price Friday morning, the biggest opening surge among $1 billion IPOs since LendingClub Corp. jumped 65% at the beginning of its 2014 debut. LendingClub finished its first session 56% higher.
To contact the reporter on this story: Drew Singer in New York at dsinger28@bloomberg.net
To contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Scott Schnipper, Drew Singer
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