Wish IPO valued at over $ 1 billion at $ 24

Contextlogic Inc., the parent company of mobile-focused e-commerce platform Wish, priced the shares for the top of its proposed range at $ 24 Tuesday for its initial public offering.

+ 4.76%
It is expected to sell 46 million shares at that price to raise at least $ 1.1 billion in market capitalization of over $ 14 billion. The San Francisco company previously stated a target price range of $ 22 to $ 24.

Shares are expected to trade on Wednesday morning on the Nasdaq exchange under the ticker’s symbol “WISH”. Goldman Sachs, JP Morgan and BofA Securities are the major underwriters, and have access to 6.9 million additional shares.

Wish joins a long list of companies that have raised at least one billion dollars in IPOs this year, including AirBnB Inc. ABNB,
And dash Dash, Inc.
Last week. Renaissance IPO ETF IPO,
It has risen by more than 108% for the year so far. And promote online retail ETF IBUY,
+ 2.49%
Over 116% has skyrocketed for the period.

See: Wish IPO: 5 things to know about mobile e-commerce company

Wish is also going public when shoppers are making rapid changes in e-commerce amid the COVID-19 epidemic. Traditional retailers, including Target Corp TGT
+ 0.25%
And department store retailers such as Messi Inc. M.,
+ 3.97%
Enhanced its online sales platforms to meet both customer demand and enhanced safety and hygiene protocols.

With 100 million monthly active users in more than 100 countries, Wish says it is the most downloaded shopping app, and aims to offer its users a wide selection of affordable products. Wish has more than 500,000 merchants who sell 150 million items to customers. Around 1.8 million items are sold daily.

The mobile commerce market totaled $ 2.1 trillion in 2019 and is projected to reach $ 4.5 trillion by 2024, according to Vishuddhi. More than 90% of user activity and purchases on the Wish platform occur on mobile apps.

As consumers shift to e-commerce during the coronovirus epidemic, experts such as Adobe Inc. ADBE.
Mobile sales have seen a jump during the holiday season.

Do not miss: One result of the epidemic: more consumers are leaving cash

I wish there was also banking on the use of e-commerce from consumers who would normally shop at discount and off-price retailers.

“We believe that the next billion e-commerce customers will be these price-conscious consumers,” Wish prospectus said.


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