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17-12-2020, 02:28 PM
Wish falls as much as 16% below IPO price in trading debut after raising $1.1 billion
* Wish parent company ContextLogic fell as much as 14% in its trading debut on Wednesday, giving the e-commerce company a market valuation of about $15 billion.
* The company raised $1.1 billion when it priced its IPO at $24 per share, giving it an initial market valuation of $17 billion on a fully diluted basis.
* An IPO frenzy has quickly materialized in the fourth quarter of 2020, given the eye-popping surge in recent trading debuts for Airbnb, DoorDash, and C3.ai.
* Watch Wish trade live here.
By Matthew Fox
Dec. 16, 2020, 06:03 PM
Wish parent company ContextLogic fell 5% at the open of its trading debut on Wednesday, giving the e-commerce company a market valuation of about $15 billion on a fully diluted basis.
The stock opened at $22.75 and hit an intraday low of $20.05, representing a decline of 16% from its initial public offering price of $24.
Wish priced its IPO at $24 per share, raising $1.1 billion in proceeds at a valuation of $17 billion. That's well ahead of the company's last fundraising round as a private company in August 2019, when the firm raised $300 million at a valuation of $11 billion.
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.
More details in https://markets.businessinsider.com/news...1029899448
* Wish parent company ContextLogic fell as much as 14% in its trading debut on Wednesday, giving the e-commerce company a market valuation of about $15 billion.
* The company raised $1.1 billion when it priced its IPO at $24 per share, giving it an initial market valuation of $17 billion on a fully diluted basis.
* An IPO frenzy has quickly materialized in the fourth quarter of 2020, given the eye-popping surge in recent trading debuts for Airbnb, DoorDash, and C3.ai.
* Watch Wish trade live here.
By Matthew Fox
Dec. 16, 2020, 06:03 PM
Wish parent company ContextLogic fell 5% at the open of its trading debut on Wednesday, giving the e-commerce company a market valuation of about $15 billion on a fully diluted basis.
The stock opened at $22.75 and hit an intraday low of $20.05, representing a decline of 16% from its initial public offering price of $24.
Wish priced its IPO at $24 per share, raising $1.1 billion in proceeds at a valuation of $17 billion. That's well ahead of the company's last fundraising round as a private company in August 2019, when the firm raised $300 million at a valuation of $11 billion.
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.
More details in https://markets.businessinsider.com/news...1029899448
Specuvestor: Asset - Business - Structure.
