- Wish parent company ContextLogic priced its shares at $24 each on Tuesday ahead of its IPO, Bloomberg first reported.
- That's at the top end of Wish's previously expected IPO pricing range of $22 to $24 per share.
- The offering is expected to raise $1.1 billion in funds for Wish, giving the e-commerce platform a valuation of $17 billion on a fully diluted basis, according to Bloomberg.
- Wish will trade on the Nasdaq exchange under the ticker symbol "WISH."
- Visit the Business Insider homepage for more stories.
Wish's parent company ContextLogic priced its shares at $24 each on Tuesday ahead of its initial public offering, Bloomberg first reported.
The final price came in at the top end of its previously expected range of $22 to $24.
Wish's IPO will raise as much as $1.1 billion in funds for the company, giving it an initial valuation of $17 billion on a fully diluted basis, according to Bloomberg. The e-commerce platform will trade on the Nasdaq exchange under the ticker symbol "WISH."
In its last private funding round led by General Atlantic in August 2019, when the San Francisco-based company raised $300 million, Wish was valued at $11 billion. The firm had a near $9 billion valuation in late 2017.
The company has raised a total of $2.1 billion in private funding since its founding in 2010, according to data from Crunchbase.
Read More: Shark Tank investor Kevin O'Leary told us 2 concrete strategies for building wealth over time – and shared how a rude awakening during the pandemic led him to build a new investing app
Wish was created by former Google engineer Piotr Szulczewski. The e-commerce platform relies on a personalized visual browsing experience rather than the traditional search and go shopping habits facilitated by a search bar.
Wish's catalog has grown to more than 150 million items, and it sells nearly 2 million items per day, according to its S-1 filing. The company did $1.9 billion in revenue in 2019 and is not yet profitable.
Wish will forge ahead with its IPO, unlike Roblox and Affirm, who both postponed their previously planned December IPOs following the strong showings by DoorDash and Airbnb.
According to Bloomberg data, US listings have already raised a record $156 billion in 2020, in part fueled by the rise in blank-check special-purpose acquisition companies.
Lead underwriters of the offering include Goldman Sachs, JPMorgan, and Bank of America.
Read more: From Wall Street heavyweights to boutique investment firms, we break down what 7 fund managers and market strategists think about Brexit as the 'midnight hour' approaches.
Learn more about the financial services industry.
Source: Read Full Article