Chewy.com (CHWY) shares jumped 85% soon after it debuted on the New York Stock Exchange with a first trade of $36. By day's end, the stock closed trading up 59.05% to $34.99.
Shares of the online retailer of pet food and supplies, which was launched in 2011, were priced at $22 each, higher than the expected range of $19 to $21, a range that was raised earlier this week.
The company was valued at $8.77 billion after more stock was sold than originally planned.
About 46.5 million Chewy shares were sold in the initial public offering, up from the anticipated 41.6 million as majority owner PetSmart sold more shares than originally planned, according to Reuters. PetSmart, which was taken private at the end of 2014, bought Chewy for $3.35 billion in 2017.
PetSmart will receive almost $900 million from the sale of its stock. Chewy raised $123.2 million.
Chewy reported sales of $3.5 billion in 2018, an increase of 67% from a year earlier, and a loss of $267.9 million.
Chewy is continuing a recent run of strong public debuts. Last month, Beyond Meat's (BYND) first trade was at $46 a share, well above the initial pricing of $25.