Chewy’s stock falls after public share offering prices at 1.6% discount

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Shares of Chewy Inc. fell 1.6% in premarket trading Thursday, after the online pet products seller said its public offering of 5.1 million shares priced at $55.25. That price is 1.6% below Wednesday’s closing price of $56.16, and the shares offered represents about 1.3% of the shares outstanding. The company expects to use the proceeds from the sale of stock for general corporate purposes, including initiatives to expand its addressable market. Chewy’s stock has nearly doubled (up 93.7%) year to date through Wednesday, while the S&P 500 has gained 4.8%.
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