Mobile e-commerce shopping startup Wish set a tentative pricing range for its upcoming initial public offering at between $22 and $24 a share, according to a new SEC filing Monday. It’s valuation has the potential to be around $13.5 billion, excluding options, The Information reported.
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The San Francisco-based company filed for an IPO in November and will list its shares on the Nasdaq Global Select Market under the symbol WISH. The company is expected to begin trading on Dec. 16, according to IPO Scoop.
In November, Wish, which filed under its corporate name, ContextLogic Inc., reported revenue that steadily grew between 2017 and 2019, going from $1.1 billion to $1.7 billion in 2018 and then $1.9 billion in 2019. That is an increase of 57 percent between 2017 and 2018, but a more modest growth of 10 percent between 2018 and 2019.
In the first nine months of 2019, Wish reported revenue of $1.3 billion, compared with the $1.7 billion reported for the same period in 2020, a 30 percent increase from the year-ago amount.
In addition to revenue gains, the company reported some losses, too. Although the company had managed to whittle its net losses down to $5 million during the first three quarters of 2019, that loss deepened to $176 million for the same period in 2020.
Illustration: Dom Guzman
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