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Wish Parent ContextLogic Prices IPO at $24: Report

Wish mobile online shopping company parent is latest in series of hot IPOs to come to market.
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Wish parent ContextLogic priced its IPO at $24 a share late Tuesday, according to published reports.

The mobile online shopping company is set to start trading on Wednesday, the latest in a series of hot IPOs to come to market this month.

The company priced its offering at the top of its previously forecast range of $22 to $24 a share, Bloomberg reported, citing people familiar with the situation.

ContextLogic, which operates under the name Wish, was seeking to raise $1.1 billion with the offering of 46 million shares. The pricing range implied a fully diluted valuation of about $16.4 billion.

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The deal had been oversubscribed, sources told Bloomberg.

ContextLogic’s IPO follows the strong openings for DoorDash  (DASH) - Get DoorDash, Inc. Class A Report and Airbnb  (ABNB) - Get Airbnb, Inc. Class A Report earlier this month. DoorDash jumped 86% in its first day of trading Wednesday. Airbnb doubled in its premier a day later.

ContextLogic stock will trade on the Nasdaq Global Select Market with the ticker  (WISH) - Get ContextLogic, Inc. Class A Report.

According to its prospectus, Context’s revenue jumped 32% in the nine months ended Sept. 30 to $1.7 billion from $1.3 billion in the year-ago period. The 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 -- were pushed back into the new year in recent days.