E-commerce marketplace Wish is aiming to raise as much as $1.1 billion in its initial public offering, giving it a valuation of up to $14.07 billion, the company revealed in a new filing Monday. It was last valued by private investors at $11.2 billion.
Wish plans to sell 46 million shares priced between $22 and $24 per share, according to the filing.
ContextLogic, Wish’s parent company, plans to list its shares on the Nasdaq under the symbol “WISH.” The company filed its IPO prospectus with the SEC last month, which showed moderate revenue growth and steady losses. The filing also revealed Wish’s heavy concentration in China, which weighed on its business during the coronavirus pandemic.
Wish, founded in 2010 by former Google engineer Peter Szulczewski, is an online marketplace that features a variety of discounted goods, ranging from cheap home wares and apparel to electronics and toys. The app offers a slew of products for just a few dollars as a way to target low- to middle-income consumers with more affordable options than they can find on other sites, including Amazon.
The company is going public at a time when e-commerce has surged amid the pandemic, with people around the world relying on online marketplaces for both essential and non-essential goods. In its S-1 filing, Wish said it has grown its catalog to more than 150 million items and sells about 1.8 million per day.