Wish Sinks in Stock Debut, Bucking Recent IPO Trend —  Wish opened lower on its first day of trading, bucking the recent trend for IPOs to soar upon going public.

Shares started to trade at $22.75 after parent company Contextlogic Inc (NASDAQ:) priced at $24 on Tuesday with an initial valuation of $17 billion as it raised more than $1 billion, Bloomberg reported. 

Airbnb Inc (NASDAQ:) and DoorDash Inc (NYSE:) went public last week and saw shares go through the roof, only to tumble in subsequent days. Last week, DoorDash jumped about 80% to $182 upon trading for the first time on Dec. 9 after selling 33 million shares — originally marketed between $90 and $95. The company raised $3.37 billion in its initial public offering. A day later, Airbnb opened at $146 on the Nasdaq above the IPO price of $68 per share, raising $3.5 billion and giving it a market cap of over $100 billion. That has since dropped to about $82 billion. 

Wish, the e-commerce platform built by a former Google (NASDAQ:) engineer, relies on a personalized visual browsing experience rather than the traditional search and go shopping habits. Wish is an online marketplace that connects millions of users to merchants around the world, and sells anything and everything. 

The platform has more than 150 million items, and it sells almost 2 million items per day, according to its S-1 filing. The company saw revenue of $1.9 billion 2019 and has yet to turn a profit.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Read More   Why the Shell share price is the biggest holding in my ISA

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.