Wish IPO raises more than 1 bn dollar

ContextLogic (Nasdaq: WISH) priced its initial public offering at $ 24 to raise $ 1.1B, which equates to an initial valuation of $ 17B - Bloomberg. WISH had planned to sell 46 million shares in the range of $ 22- $ 24 per share. The company reported revenues of $ 1.7 billion for the nine months ended September, up 32% from $ 1.3 billion for the same period last year. However, the net loss widened to $ 176 million compared to $ 5 million a year ago. Founded in 2010 by former Google manager Peter Szulczewski and Yahoo veteran Danny Zhang and headquartered in San Francisco, Wish has more than 100 million monthly active users who use around 2 million products on its e-commerce platform every day to sell. The IPO is the 31st on a US stock exchange, according to Bloomberg, exceeding the $ 1 billion mark this year. ContextLogic's IPO follows the strong openings of DoorDash and Airbnb earlier this month. DoorDash (NYSE: DASH) was trading 78% above its IPO price on its debut. Airbnb (NASDAQ: ABNB) doubled in on its first day. Meanwhile, two other widely anticipated IPOs, financial technology company Affirm Holdings (AFRM) and video game company Roblox (RBLX), have been postponed into the new year. In 2020 there have been 460 IPOs so far. October had the most IPOs with a total of 97. There have been 51 IPOs in December.