Chewy, the online seller of pet food and squeaky toys, made a strong showing in its debut on the New York Stock Exchange Friday, with investors banking on the growing pet industry. Its shares soared 59% Friday under the symbol "CHWY," putting the company's market value at about $14 billion. Chewy may bring to mind the failed online pet stores of the 1990s. Founded in 2011, Chewy and was bought six years later by pet store chain PetSmart for more than $3 billion. To grow, Chewy plans to create more in-house pet food brands, expand its year-old animal pharmacy and venture beyond the U.S.

Source: ABC News June 14, 2019 16:05 UTC