Wish, as it's known by its customers, raised around $1.1 billion from the listing of 46 million shares, and earned a market value of around $14.1 billion in a deal that caps a record month for IPOs on Wall Street. More than 30 deals so far this year have passed the $1 billion mark, while more than $20 billion has been raised from IPOs in the month of December alone.
Wish's listing, as well, follows stronger-than-expected price levels for IPOs from DoorDash (DASH) - Get DoorDash, Inc. Class A Report and AirBnb (ABNB) - Get Airbnb, Inc. Class A Report, both of which surged on their trading debuts amid a seemingly insatiable appetite for new tech shares.
Online retailer Wish, which was founded in 2010, connects buyers and sellers in the home goods market, has more than 100 million worldwide users and shifts around 2 million products each days.
Revenues for the nine months ending in September were pegged at $1.7 billion, the company said, a 32% increase from the same period last year.
The San Francisco-based company generated a net loss of $176 million and an adjusted EBITDA loss of $99 million in the latest period. That compares to a net loss of $5 million and adjusted EBITDA loss of $11 million last year, according to the prospectus.
Meanwhile, two other widely anticipated IPOs -- from financial tech company Affirm Holdings and videogame company Roblox -- have been pushed back into the new year.