E-commerce marketplace Want is aiming to raise as significantly as $1.1 billion in its original public providing, giving it a valuation of up to $14.07 billion, the corporation unveiled in a new filing Monday. It was very last valued by non-public investors at $11.2 billion.
Want options to provide 46 million shares priced involving $22 and $24 for each share, according to the filing.
ContextLogic, Wish’s guardian enterprise, ideas to checklist its shares on the Nasdaq beneath the symbol “Wish.” The enterprise submitted its IPO prospectus, which showed moderate income advancement and steady losses, with the SEC final month. The submitting also discovered Wish’s major concentration in China, which weighed on its organization all through the coronavirus pandemic.
Would like, founded in 2010 by previous Google engineer Peter Szulczewski, is an on the web market that features a assortment of discounted items, ranging from affordable household wares and clothing to electronics and toys. The application provides a slew of goods for just a couple pounds as a way to goal very low- to center-profits shoppers with much more economical solutions than they can discover on other web sites, such as Amazon.
The company is going community at a time when e-commerce has surged amid the pandemic, with men and women around the world relying on on the internet marketplaces for both vital and nonessential goods. In its S-1 submitting, Would like reported it has developed its catalog to much more than 150 million goods and sells about 1.8 million items for each working day.