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General Atlantic-Backed Wish Looks to Raise $1.1 bln in IPO

Dec 7 (Reuters) - General Atlantic-backed e-commerce firm Wish said on Monday it expects to raise up to $1.1 billion in its initial public offering (IPO), joining a host of companies rushing to take advantage of investor appetite for new listings.

The San Francisco-based bargain shopping app plans to sell 46 million shares priced between $22 and $24 apiece, it said in a regulatory filing.

Its market capitalization at the top end of the range would be around $14.07 billion.

ContextLogic Inc, which does business as Wish, made its regulatory filing for an IPO to list its shares on the Nasdaq public last month, showing a 32% jump in revenue for the nine months ended Sept. 30, but a bigger net loss.

Founded in 2010 by former Google executive Peter Szulczewski and Yahoo veteran Danny Zhang, Wish has expanded rapidly beyond its home base and now has 100 million monthly active users, selling about 2 million products per day on its e-commerce platform, according to the company’s website.

The COVID-19 pandemic has led to a surge in online shopping as consumers stay at home to avoid contracting the novel coronavirus.

Wish also counts the likes of Peter Thiel’s Founders Fund, GGV Capital and DST Global among its investors.

Goldman Sachs, J.P.Morgan, and BofA Securities are the lead underwriters for Wish’s listing.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty)


Source: Reuters

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