Pet owners are spending more and more on food and health care for their dogs and cats.
That gives the company - which lost $328m a year ago on $3.3B in revenue - a market cap of more than $16 billion.
The online supplier of pet food and accessories sold 46.5 million shares on Thursday for $22 each, according to a statement.
Chewy is dominating the growing online pet store space, and investors should buy the newly public company on a pullback, CNBC's Jim Cramer said Friday.
The Dania Beach, Florida-based company says most of its sales comes from shoppers who have signed up for automatic shipments of their pet supplies, giving Chewy a steady stream of revenue and time to plan shipments from its seven warehouses around the country.
Roughly 68 percent of USA households have pets and they paid $72.6 billion to care for them in 2018 - up from $43.2 billion in 2008, according to data from The American Pet Products Association.
"Pet parents increasingly view pets as part of the family and are willing to spend increasingly larger dollar amounts on higher-quality goods and services for those family members", the company said earlier this year in a filing with the Securities and Exchange Commission. The initial public offering of more than 5.6 million shares of Class A common stock was priced between $19 and $21 per share. Chewy prides itself on being there for pet darlings and making encounters for them, as indicated by Cohen who helped to establish Chewy with Michael Day in 2011. Chewy said it will use the money raised, $123.2 million, for its working capital and general corporate purposes. PetSmart was to have 70% of the total shares and 77% of the voting power, the filings show. Chewy was slated to begin trading Friday under "CHWY".
Chewy faces competition from Amazon and Blue Buffalo Pet Products.
The offering was led by Morgan Stanley, JPMorgan Chase & Co. and Allen & Co.