ContextLogic Inc. the developer of leading mobile shopping app Wish raised $1.1 billion from its initial public offering held on December 15. In the IPO the company sold its shares at $24 a piece which was the highest price according to the targeted range of $22 and $24 per share issued by the company earlier.
The company had indicated it would offer 46 million shares in the IPO hence the IPO leaves the company with a market valuation of $14.1 billion.
This IPO comes during a time when e-commerce has been booming courtesy of the coronavirus pandemic which has left many consumers without any other option other than shopping online due to lockdowns and movement restrictions imposed to curtail spread of the deadly virus.
Shares of the company will begin trading on Nasdaq on December 17 under the ticker symbol ‘WISH’.
In the IPO, JPMorgan Chase & Co. (JPM) and BofA Securities acted as the leading underwriters for Wish.
The San-Francisco based company was established 10 years ago, at the moment it has over 100 million customers across the world. According to the company’s website it sells over 2 million products daily through its e-commerce platform.