Wish Seeks $1.1B From IPO
After filing to go public this November, the e-commerce platform Wish has amended its filing to the SEC, revealing that it’s looking to sell 46 million shares priced at $22 to $24 apiece, summing up to a total $1.1 billion at the $24 higher-end range. The $24 higher-end range will give Wish a valuation of about $14 billion, significantly above its current private valuation of $11.2 billion.
Wish is an e-commerce outlet that specializes in cheap, knock-off goods that are sourced from lower-cost countries such as China and Vietnam. It reported $1.9 billion in revenue and a net loss of $144 million last year.
Wish is expected to go public before the end of this year and deliver returns for many of its private backers, which include the likes of DST Global, Founders Fund, GGV Capital, and Formation8. As a privately-held company, Wish raised more than $2 billion in funding over the years.