© 2019 Bloomberg Finance LPTopline: Chewy saw shares jump 70% in the early hours of its market debut Friday. CHWY opened at $36, with 5.6 million of 46.5 million shares being offered to the public. PetSmart purchased the remaining 40.9 million shares, making it the majority owner. Chewy, founded in 2011, calls itself the largest pet e-commerce company in the United States. Founders Ryan Cohen and Michael Day launched Chewy.com with 50 pet food brands and, initially, the pair did not draw salaries.

Source: Forbes June 14, 2019 16:30 UTC