Business

Wish plans to raise US$ 1.1 billion in IPO

The San Francisco based e-commerce firm can be valued at as much as US$14.07 billion

Nasdaq stock exchange
Photo: Reuters/Shannon Stapleton

E-commerce firm Wish, backed by General Atlantic, said on Monday that it expects to raise up to US$ 1.1 billion in its initial public offering (IPO), joining a number of companies rushing to benefit from investors’ appetite for new listings.

The San Francisco based shopping app plans to sell 46 million shares priced at US$ 22 to US$ 24 each, the company said in a regulatory document.

At the ceiling of the range, its market value would be around US$14.07 billion.

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

Goldman Sachs, JPMorgan and BofA Securities are leading coordinators of the offering.

Translated by LABS

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