Wish, which provides an e-commerce platform for ultra-bargain unbranded merchandise, filed on Friday with the SEC to raise up to $1.0 billion in an initial public offering.
The company, which is named ContextLogic and is doing business as Wish, has the goal of bringing an affordable and entertaining mobile shopping experience to consumers around the world. Wish has become one of the largest and fastest growing global e-commerce platforms, connecting more than 100 million monthly active users in over 100 countries to over 500,000 merchants offering approximately 150 million items. The number of merchants on its platform in North America, Europe, and Latin America has grown about 234% since 2019, the number of merchants in the US has grown 268%. In the nine months ended September 30, 2020, Wish booked an adjusted EBITDA loss of -$99 million on $1.7 billion of revenue.
The San Francisco, CA-based company was founded in 2010 and booked $2.3 billion in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol WISH. Wish filed confidentially on August 28, 2020. Goldman Sachs, J.P. Morgan, BofA Securities, Citi, Deutsche Bank, UBS Investment Bank, RBC Capital Markets and Credit Suisse are the joint bookrunners on the deal. No pricing terms were disclosed.
