By CCN Markets: Friday’s Chewy IPO was a feeding frenzy of investor enthusiasm for this summer’s latest hot new stock. The IPO is clearly not dead in 2019, despite the brutal debuts of Lyft and Uber, which were all bark and no bite.

The tremendous showing of IPOs like CrowdStrike, Fiverr, Beyond Meat, and Chewy show that Wall Street is still hungry for promising new companies with husky business prospects.

The online pet retailer’s total raise topped $1 billion.

PetSmart’s Chewy IPO Retrieves Big Profits

Chewy shares (NYSE: CHWY) debuted on the stock market Friday at $22 per share, and rocketed up the chart to retrieve $41 a share by midday.

By late afternoon the PetSmart subsidiary’s stock had settled down to $35.98 a share, netting a mouth-watering 63% rally over the IPO share price in just a few hours.

Chewy shares soared as high as 85% from the IPO price in Friday morning trading. | Source: Yahoo Finance

Chewy reported a net loss of $268 million in 2018, narrowing its loss from the previous year’s $338 million.

But investors don’t see this stock rolling over any time soon. Strong customer loyalty, a 60% growth rate, and $3.5 billion in sales have investors panting.

Analyst Purrs Over Chewy’s Market

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