Wish, an e-commerce company held a $ 1.1 billion IPO.
The IPO gives ContextLogic, which does business as Wish, a $ 14.1 billion market cap. Wish planned to sell 46 million shares in a target range of $ 22 to $ 24 per share. Hope IPO comes amid the COVID-19 pandemic, which has led to a dramatic increase in online shopping by customers completing courier orders.
The share placement will also to the tech rally in US stock markets that led to blockbuster IPOs by companies such as Airbnb Inc, DoorDash Inc, and SnowFlake Inc.
Founded in 2010 by former Google CEO Peter Schulchevski and Yahoo veteran Danny Zhang, Wish, a San Francisco-based company, has over 100 million monthly active users worldwide, selling nearly 2 million products daily on its e-commerce platform, the Web. -the company website. Wish had $ 1.7 billion in revenue in the nine months ended September, up 32 percent from $ 1.3 billion last year. However, the company’s net loss increased to $ 176 million from $ 5 million last year.
Wish’s leading investors include Yuri Milner’s DST Global, Peter Thiel’s Founders Fund, Formation8 Partners, GGV Capital, and the private equity firm General Atlantic. Wish should begin trading on the Nasdaq on Wednesday under the Wish symbol. Goldman Sachs, JPMorgan, and BofA Securities are the top underwriters for Wish.
